Sound Income Strategies LLC trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) by 7.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,204 shares of the specialty chemicals company’s stock after selling 101 shares during the period. Sound Income Strategies LLC’s holdings in PPG Industries were worth $179,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in PPG Industries by 1.3% in the first quarter. Vanguard Group Inc. now owns 20,180,199 shares of the specialty chemicals company’s stock worth $2,645,019,000 after buying an additional 252,358 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in PPG Industries by 6.6% in the 1st quarter. JPMorgan Chase & Co. now owns 19,028,515 shares of the specialty chemicals company’s stock worth $2,541,830,000 after acquiring an additional 1,185,356 shares during the last quarter. Geode Capital Management LLC raised its stake in PPG Industries by 2.2% in the 1st quarter. Geode Capital Management LLC now owns 4,854,892 shares of the specialty chemicals company’s stock valued at $647,037,000 after acquiring an additional 106,294 shares during the period. Moneta Group Investment Advisors LLC raised its stake in PPG Industries by 163,082.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,157,889 shares of the specialty chemicals company’s stock valued at $522,813,000 after acquiring an additional 4,155,341 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in PPG Industries by 22.9% during the first quarter. Ameriprise Financial Inc. now owns 3,740,435 shares of the specialty chemicals company’s stock valued at $499,647,000 after purchasing an additional 697,612 shares during the last quarter. 79.18% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have recently issued reports on the stock. BMO Capital Markets boosted their price target on shares of PPG Industries from $158.00 to $165.00 and gave the company an “outperform” rating in a research report on Monday, July 24th. Mizuho raised their price target on PPG Industries from $152.00 to $166.00 in a report on Thursday, July 20th. Morgan Stanley boosted their price objective on PPG Industries from $143.00 to $155.00 and gave the company an “equal weight” rating in a research note on Monday, July 24th. Bank of America raised their target price on PPG Industries from $163.00 to $170.00 in a research note on Monday, July 24th. Finally, Credit Suisse Group increased their price target on shares of PPG Industries from $133.00 to $140.00 and gave the stock an “underperform” rating in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, PPG Industries presently has an average rating of “Hold” and a consensus price target of $156.47.
PPG Industries Price Performance
PPG opened at $133.74 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.03 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $31.50 billion, a P/E ratio of 24.01, a PEG ratio of 1.08 and a beta of 1.18. The stock has a 50-day moving average price of $142.16 and a 200-day moving average price of $138.75. PPG Industries, Inc. has a 12-month low of $107.40 and a 12-month high of $152.89.
PPG Industries (NYSE:PPG – Get Free Report) last issued its earnings results on Friday, July 21st. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.11. The business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $4.84 billion. PPG Industries had a return on equity of 23.59% and a net margin of 7.38%. PPG Industries’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.81 earnings per share. Equities analysts predict that PPG Industries, Inc. will post 7.51 earnings per share for the current fiscal year.
PPG Industries Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were paid a $0.65 dividend. The ex-dividend date was Wednesday, August 9th. This is an increase from PPG Industries’s previous quarterly dividend of $0.62. This represents a $2.60 annualized dividend and a yield of 1.94%. PPG Industries’s payout ratio is currently 46.68%.
Insiders Place Their Bets
In other news, CFO Vincent J. Morales sold 3,700 shares of PPG Industries stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $143.33, for a total value of $530,321.00. Following the transaction, the chief financial officer now owns 22,665 shares in the company, valued at $3,248,574.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other PPG Industries news, Chairman Michael H. Mcgarry sold 58,378 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $145.46, for a total value of $8,491,663.88. Following the sale, the chairman now owns 195,706 shares of the company’s stock, valued at approximately $28,467,394.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Vincent J. Morales sold 3,700 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $143.33, for a total transaction of $530,321.00. Following the transaction, the chief financial officer now directly owns 22,665 shares of the company’s stock, valued at $3,248,574.45. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by insiders.
PPG Industries Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company operates through Performance Coatings and Industrial Coatings. The 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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