Northern Oak Wealth Management Inc. cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 16.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,305 shares of the specialty chemicals company’s stock after selling 1,035 shares during the quarter. Northern Oak Wealth Management Inc.’s holdings in PPG Industries were worth $576,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in PPG Industries by 1.6% during the second quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock worth $2,171,845,000 after purchasing an additional 310,086 shares during the last quarter. Wells Fargo & Company MN increased its position in PPG Industries by 18.8% in the third quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock worth $348,987,000 after buying an additional 509,356 shares during the period. Nordea Investment Management AB increased its position in PPG Industries by 3.1% in the third quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock worth $309,054,000 after buying an additional 85,980 shares during the period. Bank of New York Mellon Corp increased its position in PPG Industries by 7.9% in the third quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock worth $296,017,000 after buying an additional 199,074 shares during the period. Finally, Parnassus Investments CA increased its position in PPG Industries by 3.9% in the third quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock worth $266,850,000 after buying an additional 91,417 shares during the period. Hedge funds and other institutional investors own 75.09% of the company’s stock.
Several equities research analysts have weighed in on the company. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $120.00 target price (up from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research report on Monday, November 27th. Citigroup increased their target price on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Robert W. Baird increased their target price on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Finally, Bank of America set a $120.00 target price on PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $119.40.
Shares of PPG Industries, Inc. (NYSE:PPG) traded down $0.24 on Tuesday, hitting $115.68. The stock had a trading volume of 948,800 shares, compared to its average volume of 1,437,433. The firm has a market capitalization of $29,498.85, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 2.31 and a beta of 1.59. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. PPG Industries, Inc. has a 52 week low of $93.80 and a 52 week high of $119.85.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, meeting analysts’ consensus estimates of $1.52. The company had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the company earned $1.56 earnings per share. research analysts expect that PPG Industries, Inc. will post 5.9 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.80 annualized dividend and a yield of 1.56%. PPG Industries’s dividend payout ratio is currently 26.12%.
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PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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