Massachusetts Financial Services Co. MA Sells 37,731 Shares of PPG Industries, Inc. (NYSE:PPG)

Massachusetts Financial Services Co. MA reduced its holdings in PPG Industries, Inc. (NYSE:PPG) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,439,361 shares of the specialty chemicals company’s stock after selling 37,731 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 3.17% of PPG Industries worth $936,541,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Richardson Financial Services Inc. acquired a new position in PPG Industries in the fourth quarter worth $29,000. LifeSteps Financial Inc. acquired a new position in PPG Industries during the 1st quarter worth about $29,000. YHB Investment Advisors Inc. bought a new stake in PPG Industries during the 1st quarter worth about $29,000. Financial Connections Group Inc. bought a new stake in PPG Industries during the 2nd quarter worth about $25,000. Finally, Riverview Trust Co acquired a new stake in PPG Industries in the 1st quarter valued at about $34,000. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Stock Up 1.2 %

Shares of NYSE PPG opened at $126.98 on Monday. The firm has a 50 day moving average price of $125.73 and a 200 day moving average price of $131.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. The stock has a market cap of $29.78 billion, a P/E ratio of 21.45, a P/E/G ratio of 1.69 and a beta of 1.26. PPG Industries, Inc. has a 52-week low of $118.07 and a 52-week high of $151.16.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.02. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.25 EPS. Analysts expect that PPG Industries, Inc. will post 8.25 EPS for the current year.

PPG Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 12th were issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Monday, August 12th. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s payout ratio is 45.95%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. BMO Capital Markets decreased their price target on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. UBS Group increased their price objective on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Royal Bank of Canada dropped their target price on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 23rd. Bank of America decreased their price target on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Finally, Citigroup dropped their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, PPG Industries has an average rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, 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; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.