Huntington National Bank lowered its holdings in PPG Industries, Inc. (NYSE:PPG) by 6.1% during the second quarter, HoldingsChannel reports. The fund owned 35,661 shares of the specialty chemicals company’s stock after selling 2,333 shares during the period. Huntington National Bank’s holdings in PPG Industries were worth $3,782,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Valeo Financial Advisors LLC grew its stake in shares of PPG Industries by 55.8% in the 1st quarter. Valeo Financial Advisors LLC now owns 483 shares of the specialty chemicals company’s stock valued at $46,000 after purchasing an additional 173 shares during the last quarter. Aigen Investment Management LP purchased a new position in shares of PPG Industries in the 1st quarter valued at approximately $54,000. Motco grew its stake in shares of PPG Industries by 1,781.3% in the 2nd quarter. Motco now owns 602 shares of the specialty chemicals company’s stock valued at $64,000 after purchasing an additional 570 shares during the last quarter. Campbell Wealth Management purchased a new position in shares of PPG Industries in the 2nd quarter valued at approximately $66,000. Finally, NuWave Investment Management LLC lifted its holdings in shares of PPG Industries by 277.6% in the 1st quarter. NuWave Investment Management LLC now owns 861 shares of the specialty chemicals company’s stock valued at $72,000 after buying an additional 633 shares during the period. Institutional investors and hedge funds own 76.83% of the company’s stock.
NYSE PPG opened at $107.65 on Friday. PPG Industries, Inc. has a fifty-two week low of $69.77 and a fifty-two week high of $134.36. The stock has a market cap of $25.40 billion, a price-to-earnings ratio of 25.57, a price-to-earnings-growth ratio of 3.79 and a beta of 1.27. The business has a fifty day moving average of $107.27 and a 200-day moving average of $104.11. The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 1.07.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.29. The company had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $2.83 billion. PPG Industries had a return on equity of 23.88% and a net margin of 7.23%. During the same period in the previous year, the firm posted $1.85 earnings per share. As a group, analysts anticipate that PPG Industries, Inc. will post 4.73 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.01%. This is an increase from PPG Industries’s previous quarterly dividend of $0.51. PPG Industries’s payout ratio is currently 32.80%.
PPG has been the subject of several recent analyst reports. Deutsche Bank raised their price target on PPG Industries from $115.00 to $126.00 and gave the company a “buy” rating in a report on Monday, July 20th. Susquehanna Bancshares reduced their price target on PPG Industries from $140.00 to $82.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Royal Bank of Canada raised their price target on PPG Industries from $102.00 to $112.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Cfra reissued a “hold” rating and issued a $99.00 price target (down from $114.00) on shares of PPG Industries in a report on Tuesday, April 28th. Finally, BMO Capital Markets raised their price target on PPG Industries from $125.00 to $137.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $118.56.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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