Cullen Capital Management LLC bought a new position in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 373,663 shares of the specialty chemicals company’s stock, valued at approximately $45,322,000. Cullen Capital Management LLC owned approximately 0.17% of PPG Industries at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Cooke & Bieler LP lifted its stake in PPG Industries by 16.7% in the 4th quarter. Cooke & Bieler LP now owns 1,616,672 shares of the specialty chemicals company’s stock valued at $165,644,000 after acquiring an additional 231,537 shares in the last quarter. Equity Investment Corp grew its stake in shares of PPG Industries by 3.4% during the 4th quarter. Equity Investment Corp now owns 995,323 shares of the specialty chemicals company’s stock worth $101,981,000 after acquiring an additional 32,337 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of PPG Industries by 6.6% during the 4th quarter. ProShare Advisors LLC now owns 1,600,226 shares of the specialty chemicals company’s stock worth $163,959,000 after acquiring an additional 98,430 shares in the last quarter. Entropy Technologies LP raised its holdings in shares of PPG Industries by 80.2% in the fourth quarter. Entropy Technologies LP now owns 61,784 shares of the specialty chemicals company’s stock valued at $6,330,000 after purchasing an additional 27,493 shares during the last quarter. Finally, North Dakota State Investment Board bought a new stake in shares of PPG Industries in the fourth quarter worth $1,393,000. Institutional investors and hedge funds own 81.86% of the company’s stock.
PPG Industries Stock Performance
PPG opened at $113.28 on Tuesday. The business has a fifty day simple moving average of $117.15 and a 200 day simple moving average of $113.95. The company has a market capitalization of $25.18 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 1.65 and a beta of 1.07. PPG Industries, Inc. has a 1 year low of $93.39 and a 1 year high of $133.43. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.58 and a quick ratio of 1.15.
PPG Industries Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.74 per share. The ex-dividend date is Monday, August 10th. This is a boost from PPG Industries’s previous quarterly dividend of $0.71. This represents a $2.96 annualized dividend and a yield of 2.6%. PPG Industries’s dividend payout ratio is currently 42.41%.
Analyst Upgrades and Downgrades
PPG has been the topic of several analyst reports. UBS Group cut their price target on shares of PPG Industries from $130.00 to $125.00 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Weiss Ratings raised PPG Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Citigroup dropped their target price on PPG Industries from $125.00 to $121.00 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Bank of America raised PPG Industries from a “neutral” rating to a “buy” rating and increased their price target for the company from $127.00 to $134.00 in a research report on Friday, July 17th. Finally, The Goldman Sachs Group lowered their price target on PPG Industries from $134.00 to $130.00 in a research report on Friday, May 1st. Seven research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, PPG Industries currently has an average rating of “Hold” and an average target price of $126.00.
Read Our Latest Stock Report on PPG Industries
PPG Industries Company Profile
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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