Amalgamated Bank Reduces Position in PPG Industries, Inc. (NYSE:PPG)

Amalgamated Bank trimmed its stake in shares of PPG Industries, Inc. (NYSE:PPGGet Rating) by 2.0% in the first quarter, Holdings Channel reports. The fund owned 60,879 shares of the specialty chemicals company’s stock after selling 1,255 shares during the period. Amalgamated Bank’s holdings in PPG Industries were worth $7,979,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in PPG Industries by 3.4% during the 4th quarter. BlackRock Inc. now owns 21,452,009 shares of the specialty chemicals company’s stock worth $3,699,182,000 after acquiring an additional 698,561 shares during the period. Vanguard Group Inc. lifted its position in PPG Industries by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 20,180,199 shares of the specialty chemicals company’s stock worth $2,645,019,000 after acquiring an additional 252,358 shares during the period. Massachusetts Financial Services Co. MA lifted its position in PPG Industries by 1.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 15,511,613 shares of the specialty chemicals company’s stock worth $2,033,106,000 after acquiring an additional 206,569 shares during the period. Wellington Management Group LLP lifted its position in PPG Industries by 61.7% during the 1st quarter. Wellington Management Group LLP now owns 13,393,191 shares of the specialty chemicals company’s stock worth $1,755,445,000 after acquiring an additional 5,109,132 shares during the period. Finally, State Street Corp lifted its position in PPG Industries by 3.0% during the 4th quarter. State Street Corp now owns 11,498,215 shares of the specialty chemicals company’s stock worth $1,982,752,000 after acquiring an additional 338,189 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

PPG Industries Stock Performance

Shares of PPG stock opened at $117.48 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.02 and a current ratio of 1.50. The stock has a fifty day moving average price of $126.18 and a 200 day moving average price of $125.37. The stock has a market cap of $27.61 billion, a PE ratio of 25.76, a P/E/G ratio of 2.47 and a beta of 1.16. PPG Industries, Inc. has a 1 year low of $107.06 and a 1 year high of $177.32.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were given a dividend of $0.62 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.59. The ex-dividend date was Tuesday, August 9th. This represents a $2.48 annualized dividend and a yield of 2.11%. PPG Industries’s dividend payout ratio (DPR) is presently 54.39%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Credit Suisse Group decreased their price objective on PPG Industries to $110.00 in a research report on Friday, July 22nd. StockNews.com raised PPG Industries from a “hold” rating to a “buy” rating in a report on Thursday, August 18th. UBS Group reduced their price target on PPG Industries to $160.00 in a report on Friday, July 22nd. Bank of America reduced their price target on PPG Industries from $172.00 to $161.00 and set a “buy” rating for the company in a report on Wednesday, July 13th. Finally, Wells Fargo & Company reduced their price target on PPG Industries from $135.00 to $130.00 and set an “equal weight” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $155.41.

PPG Industries Profile

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PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

See Also

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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