AdvisorNet Financial Inc trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG – Get Rating) by 49.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 553 shares of the specialty chemicals company’s stock after selling 545 shares during the quarter. AdvisorNet Financial Inc’s holdings in PPG Industries were worth $63,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of PPG Industries by 61.7% during the first quarter. Wellington Management Group LLP now owns 13,393,191 shares of the specialty chemicals company’s stock valued at $1,755,445,000 after purchasing an additional 5,109,132 shares during the last quarter. Norges Bank bought a new stake in shares of PPG Industries during the fourth quarter valued at approximately $275,588,000. First Trust Advisors LP grew its stake in shares of PPG Industries by 280.6% during the first quarter. First Trust Advisors LP now owns 1,734,894 shares of the specialty chemicals company’s stock valued at $227,393,000 after purchasing an additional 1,279,104 shares during the last quarter. BlackRock Inc. grew its stake in shares of PPG Industries by 3.4% during the fourth quarter. BlackRock Inc. now owns 21,452,009 shares of the specialty chemicals company’s stock valued at $3,699,182,000 after purchasing an additional 698,561 shares during the last quarter. Finally, State Street Corp grew its stake in shares of PPG Industries by 3.0% during the fourth quarter. State Street Corp now owns 11,498,215 shares of the specialty chemicals company’s stock valued at $1,982,752,000 after purchasing an additional 338,189 shares during the last quarter. 80.39% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on PPG shares. Redburn Partners raised shares of PPG Industries from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 6th. StockNews.com lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday. Credit Suisse Group cut their price objective on shares of PPG Industries to $110.00 in a report on Friday, July 22nd. UBS Group cut their price objective on shares of PPG Industries to $160.00 in a report on Friday, July 22nd. Finally, Vertical Research upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and set a $139.00 price objective on the stock in a report on Monday, June 27th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $155.41.
PPG Industries Stock Down 1.2 %
PPG Industries (NYSE:PPG – Get Rating) last issued its quarterly earnings data on Thursday, July 21st. The specialty chemicals company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.06. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.75 billion. PPG Industries had a net margin of 6.20% and a return on equity of 22.97%. As a group, equities research analysts predict that PPG Industries, Inc. will post 6.73 earnings per share for the current fiscal year.
PPG Industries Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were given a $0.62 dividend. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $2.48 dividend on an annualized basis and a yield of 2.22%. This is an increase from PPG Industries’s previous quarterly dividend of $0.59. PPG Industries’s dividend payout ratio (DPR) is 54.39%.
PPG Industries Profile
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.
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