State of Michigan Retirement System boosted its stake in PPG Industries, Inc. (NYSE:PPG) by 11.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 60,243 shares of the specialty chemicals company’s stock after buying an additional 6,075 shares during the period. State of Michigan Retirement System’s holdings in PPG Industries were worth $6,389,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC boosted its holdings in shares of PPG Industries by 55.8% during the first quarter. Valeo Financial Advisors LLC now owns 483 shares of the specialty chemicals company’s stock worth $46,000 after acquiring an additional 173 shares during the period. Motco grew its holdings in 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 buying an additional 570 shares in the last quarter. Campbell Wealth Management acquired a new position in PPG Industries in the 2nd quarter valued at $66,000. Aigen Investment Management LP bought a new position in PPG Industries during the 1st quarter worth $54,000. Finally, NuWave Investment Management LLC lifted its holdings in shares of PPG Industries by 277.6% during the first quarter. NuWave Investment Management LLC now owns 861 shares of the specialty chemicals company’s stock worth $72,000 after buying an additional 633 shares in the last quarter. 76.83% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on the stock. BMO Capital Markets raised their price target on shares of PPG Industries from $125.00 to $137.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. UBS Group raised their target price on shares of PPG Industries from $120.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, June 19th. Deutsche Bank lifted their price target on shares of PPG Industries from $115.00 to $126.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Morgan Stanley increased their price target on PPG Industries from $105.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Monday, July 20th. Finally, Bank of America raised their price objective on PPG Industries from $120.00 to $121.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $118.56.
PPG stock opened at $107.65 on Friday. The firm has a 50-day moving average price of $107.27 and a 200-day moving average price of $104.11. PPG Industries, Inc. has a 12 month low of $69.77 and a 12 month high of $134.36. The company has a current ratio of 1.35, a quick ratio of 1.03 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $25.40 billion, a P/E ratio of 25.57, a price-to-earnings-growth ratio of 3.79 and a beta of 1.27.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 16th. The specialty chemicals company reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.29. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.83 billion. PPG Industries had a net margin of 7.23% and a return on equity of 23.88%. During the same quarter in the prior year, the firm earned $1.85 EPS. As a group, equities analysts predict that PPG Industries, Inc. will post 4.73 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from PPG Industries’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, August 7th. PPG Industries’s dividend payout ratio is presently 32.80%.
About PPG Industries
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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