Monte Financial Group LLC lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) by 12.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 46,292 shares of the specialty chemicals company’s stock after selling 6,829 shares during the period. Monte Financial Group LLC’s holdings in PPG Industries were worth $4,830,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PPG. BlackRock Inc. purchased a new stake in shares of PPG Industries in the second quarter worth approximately $2,856,392,000. State Street Corp boosted its position in shares of PPG Industries by 8.8% during the second quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company’s stock valued at $1,682,428,000 after buying an additional 1,124,109 shares during the last quarter. Pzena Investment Management LLC bought a new stake in PPG Industries during the second quarter worth $946,964,000. Dimensional Fund Advisors LP grew its holdings in PPG Industries by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company’s stock worth $312,613,000 after buying an additional 58,411 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in PPG Industries during the second quarter worth $318,870,000. 81.86% of the stock is owned by institutional investors.
PPG Industries Price Performance
Shares of NYSE PPG opened at $123.42 on Friday. The company has a market capitalization of $27.26 billion, a PE ratio of 17.63, a PEG ratio of 2.19 and a beta of 1.00. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average price is $109.61 and its 200-day moving average price is $112.78. PPG Industries, Inc. has a twelve month low of $93.39 and a twelve month high of $133.43.
PPG Industries (NYSE:PPG – Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.13. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.28 billion. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. PPG Industries’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the business posted $2.13 earnings per share. On average, equities analysts anticipate that PPG Industries, Inc. will post 7.98 EPS for the current year.
PPG Industries Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, November 10th. PPG Industries’s dividend payout ratio is 42.29%.
Insider Transactions at PPG Industries
In other news, VP Chancey Hagerty sold 2,500 shares of the firm’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $127.14, for a total transaction of $317,850.00. Following the completion of the sale, the vice president directly owned 9,761 shares of the company’s stock, valued at $1,241,013.54. This trade represents a 20.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.33% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of research firms recently commented on PPG. The Goldman Sachs Group reissued a “buy” rating and issued a $128.00 price target on shares of PPG Industries in a research report on Friday, October 9th. Citigroup lifted their price objective on shares of PPG Industries from $118.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $137.00 target price on shares of PPG Industries in a research note on Thursday, October 29th. Wells Fargo & Company increased their target price on shares of PPG Industries from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of PPG Industries in a research report on Monday, September 14th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $128.29.
Check Out Our Latest Research Report on PPG
PPG Industries Profile
PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.
Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.
Read More
- Five stocks we like better than PPG Industries
- Google’s Credit Backstop May Be TeraWulf’s Biggest Advantage
- Could the Midterms Revive Medicare for All? 3 Healthcare Stocks to Watch
- Qualcomm Beat Earnings, But Its Fastest-Growing Businesses Have a Catch
- Oil, Uranium, or Renewables? 3 Energy Plays for a Changing Market
Want to see what other hedge funds are holding PPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PPG Industries, Inc. (NYSE:PPG – Free Report).
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.
