State of Wisconsin Investment Board lessened its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 0.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 414,994 shares of the specialty chemicals company’s stock after selling 1,711 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.18% of PPG Industries worth $62,357,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. FMR LLC grew its holdings in PPG Industries by 27.8% during the first quarter. FMR LLC now owns 169,739 shares of the specialty chemicals company’s stock valued at $19,158,000 after purchasing an additional 36,888 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in PPG Industries by 37.6% during the fourth quarter. Los Angeles Capital Management LLC now owns 29,690 shares of the specialty chemicals company’s stock valued at $4,282,000 after purchasing an additional 8,110 shares during the last quarter. Eaton Vance Management grew its holdings in PPG Industries by 0.3% during the fourth quarter. Eaton Vance Management now owns 545,057 shares of the specialty chemicals company’s stock valued at $78,608,000 after purchasing an additional 1,546 shares during the last quarter. LPL Financial LLC grew its holdings in PPG Industries by 20.9% during the fourth quarter. LPL Financial LLC now owns 66,384 shares of the specialty chemicals company’s stock valued at $9,574,000 after purchasing an additional 11,470 shares during the last quarter. Finally, Vantage Consulting Group Inc acquired a new position in PPG Industries during the fourth quarter valued at approximately $32,000. 79.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:PPG opened at $159.77 on Thursday. The company has a market cap of $37.88 billion, a PE ratio of 25.04, a P/E/G ratio of 1.15 and a beta of 1.13. PPG Industries, Inc. has a 1-year low of $105.94 and a 1-year high of $182.97. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.36 and a quick ratio of 1.06. The stock’s 50-day moving average price is $173.83.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 10th. Stockholders of record on Tuesday, August 10th will be given a dividend of $0.59 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.54. This represents a $2.36 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Monday, August 9th. PPG Industries’s payout ratio is presently 37.89%.
In other news, EVP Timothy M. Knavish sold 22,851 shares of the business’s stock in a transaction dated Monday, May 24th. The stock was sold at an average price of $178.78, for a total transaction of $4,085,301.78. Following the completion of the transaction, the executive vice president now directly owns 27,772 shares in the company, valued at approximately $4,965,078.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.43% of the stock is currently owned by insiders.
Several equities analysts have commented on PPG shares. Deutsche Bank Aktiengesellschaft lowered their price target on PPG Industries from $205.00 to $190.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley raised their price objective on shares of PPG Industries from $147.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday, April 26th. Zacks Investment Research downgraded shares of PPG Industries from a “buy” rating to a “hold” rating and set a $180.00 price objective on the stock. in a research note on Tuesday, June 22nd. Royal Bank of Canada raised their price objective on shares of PPG Industries from $180.00 to $193.00 and gave the stock an “outperform” rating in a research note on Friday, May 14th. Finally, Barclays lowered their price objective on shares of PPG Industries from $188.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. PPG Industries has an average rating of “Buy” and an average target price of $173.75.
PPG Industries Company 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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