Healthcare of Ontario Pension Plan Trust Fund raised its stake in PPG Industries, Inc. (NYSE:PPG – Free Report) by 3.0% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 177,098 shares of the specialty chemicals company’s stock after acquiring an additional 5,228 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in PPG Industries were worth $18,928,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of PPG. Pzena Investment Management LLC grew its holdings in shares of PPG Industries by 306.2% in the 4th quarter. Pzena Investment Management LLC now owns 7,098,767 shares of the specialty chemicals company’s stock worth $727,340,000 after acquiring an additional 5,351,103 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of PPG Industries by 48.9% during the fourth quarter. Franklin Resources Inc. now owns 6,990,595 shares of the specialty chemicals company’s stock valued at $716,256,000 after purchasing an additional 2,295,118 shares during the last quarter. Norges Bank purchased a new stake in shares of PPG Industries during the fourth quarter valued at $209,355,000. First Trust Advisors LP boosted its holdings in shares of PPG Industries by 321.4% in the first quarter. First Trust Advisors LP now owns 2,287,261 shares of the specialty chemicals company’s stock worth $244,462,000 after buying an additional 1,744,528 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of PPG Industries by 85.6% in the 1st quarter. Bank of New York Mellon Corp now owns 2,507,399 shares of the specialty chemicals company’s stock valued at $267,991,000 after acquiring an additional 1,156,078 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of PPG Industries from $134.00 to $130.00 in a research report on Friday, May 1st. Bank of America raised PPG Industries from a “neutral” rating to a “buy” rating and raised their target price for the stock from $127.00 to $134.00 in a research report on Friday, July 17th. BNP Paribas Exane lifted their price target on PPG Industries from $115.00 to $116.00 in a report on Thursday, April 30th. Wells Fargo & Company reduced their price objective on PPG Industries from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, April 10th. Finally, Wall Street Zen upgraded PPG Industries from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Seven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $126.13.
PPG Industries Stock Performance
Shares of NYSE PPG opened at $118.61 on Tuesday. PPG Industries, Inc. has a 12 month low of $93.39 and a 12 month high of $133.43. The company has a quick ratio of 1.17, a current ratio of 1.61 and a debt-to-equity ratio of 0.78. The company has a market cap of $26.44 billion, a P/E ratio of 16.92, a P/E/G ratio of 1.71 and a beta of 1.05. The business’s 50 day moving average is $116.08 and its two-hundred day moving average is $113.44.
PPG Industries (NYSE:PPG – Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.05. PPG Industries had a net margin of 9.83% and a return on equity of 21.68%. The business had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same quarter last year, the company posted $1.72 earnings per share. PPG Industries’s quarterly revenue was up 6.7% on a year-over-year basis. On average, equities analysts expect that PPG Industries, Inc. will post 7.93 EPS for the current year.
PPG Industries Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 10th will be issued a $0.74 dividend. This is a boost from PPG Industries’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Monday, August 10th. This represents a $2.96 dividend on an annualized basis and a yield of 2.5%. PPG Industries’s payout ratio is currently 42.23%.
About PPG Industries
PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.
PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.
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