Smith Asset Management Group LP decreased its holdings in PPG Industries, Inc. (NYSE:PPG) by 6.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 65,671 shares of the specialty chemicals company’s stock after selling 4,570 shares during the quarter. Smith Asset Management Group LP’s holdings in PPG Industries were worth $7,167,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Fort L.P. acquired a new position in shares of PPG Industries in the second quarter valued at approximately $120,000. Qube Research & Technologies Ltd acquired a new position in shares of PPG Industries in the second quarter valued at approximately $167,000. CWM LLC grew its position in shares of PPG Industries by 47.6% in the third quarter. CWM LLC now owns 1,672 shares of the specialty chemicals company’s stock valued at $182,000 after purchasing an additional 539 shares during the last quarter. Bennicas & Associates Inc. acquired a new position in shares of PPG Industries in the third quarter valued at approximately $205,000. Finally, Greenleaf Trust acquired a new position in shares of PPG Industries in the third quarter valued at approximately $206,000. Hedge funds and other institutional investors own 78.76% of the company’s stock.
PPG has been the topic of several research reports. Goldman Sachs Group raised PPG Industries from a “buy” rating to a “conviction-buy” rating in a research report on Monday, October 29th. Deutsche Bank upped their target price on PPG Industries from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, November 1st. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. Credit Suisse Group set a $115.00 target price on PPG Industries and gave the company a “hold” rating in a research report on Monday, October 15th. Finally, JPMorgan Chase & Co. downgraded PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 target price on the stock. in a research report on Friday, July 27th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $117.81.
Shares of NYSE:PPG opened at $106.45 on Tuesday. The company has a market cap of $25.65 billion, a P/E ratio of 18.13, a P/E/G ratio of 2.21 and a beta of 1.36. PPG Industries, Inc. has a 1 year low of $94.37 and a 1 year high of $122.07. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.22 and a current ratio of 1.71.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.45. The business had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $3.81 billion. PPG Industries had a return on equity of 27.83% and a net margin of 8.34%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.52 earnings per share. On average, analysts anticipate that PPG Industries, Inc. will post 5.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 12th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Thursday, November 8th. PPG Industries’s dividend payout ratio is currently 32.71%.
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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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