CIBC World Markets Inc. lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 42.5% during the first quarter, Holdings Channel reports. The fund owned 9,440 shares of the specialty chemicals company’s stock after selling 6,987 shares during the quarter. CIBC World Markets Inc.’s holdings in PPG Industries were worth $1,054,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. McKinley Carter Wealth Services Inc. purchased a new stake in shares of PPG Industries during the 1st quarter valued at about $104,000. Archford Capital Strategies LLC purchased a new stake in shares of PPG Industries during the 1st quarter valued at about $109,000. G&S Capital LLC purchased a new stake in shares of PPG Industries during the 4th quarter valued at about $110,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of PPG Industries by 57.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,372 shares of the specialty chemicals company’s stock valued at $153,000 after acquiring an additional 500 shares during the last quarter. Finally, Adviser Investments LLC purchased a new stake in shares of PPG Industries during the 1st quarter valued at about $157,000. 75.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PPG Industries opened at $103.73 on Friday, MarketBeat reports. The company has a current ratio of 1.66, a quick ratio of 1.22 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a 1-year low of $100.36 and a 1-year high of $122.07. The company has a market cap of $26.42 billion, a price-to-earnings ratio of 17.67, a PEG ratio of 1.85 and a beta of 1.53.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, April 19th. The specialty chemicals company reported $1.39 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.10). PPG Industries had a net margin of 10.94% and a return on equity of 26.15%. The firm had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $1.35 EPS. PPG Industries’s revenue for the quarter was up 8.6% compared to the same quarter last year. equities research analysts predict that PPG Industries, Inc. will post 6.36 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 12th. Shareholders of record on Thursday, May 10th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Wednesday, May 9th. PPG Industries’s dividend payout ratio is currently 30.66%.
A number of brokerages have recently issued reports on PPG. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a report on Tuesday, March 27th. BMO Capital Markets dropped their price target on shares of PPG Industries to $116.00 and set a “market perform” rating on the stock in a report on Thursday, May 17th. ValuEngine downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Jefferies Financial Group downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Wednesday, May 16th. Finally, Citigroup dropped their price objective on shares of PPG Industries from $125.00 to $123.00 and set a “neutral” rating on the stock in a report on Tuesday, April 24th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. PPG Industries presently has an average rating of “Hold” and an average target price of $123.65.
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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