Equity Investment Corp reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 2.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 739,822 shares of the specialty chemicals company’s stock after selling 17,184 shares during the quarter. PPG Industries makes up 2.6% of Equity Investment Corp’s investment portfolio, making the stock its 18th largest position. Equity Investment Corp owned approximately 0.31% of PPG Industries worth $80,737,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in shares of PPG Industries by 6.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 23,500,737 shares of the specialty chemicals company’s stock worth $2,564,635,000 after purchasing an additional 1,387,824 shares during the last quarter. Parnassus Investments CA boosted its stake in shares of PPG Industries by 68.1% during the 2nd quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock worth $441,520,000 after purchasing an additional 1,724,631 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of PPG Industries by 3.5% during the 3rd quarter. Wells Fargo & Company MN now owns 3,498,867 shares of the specialty chemicals company’s stock worth $381,831,000 after purchasing an additional 119,509 shares during the last quarter. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of PPG Industries during the 2nd quarter worth about $327,975,000. Finally, Bank of America Corp DE boosted its stake in shares of PPG Industries by 15.2% during the 2nd quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock worth $316,527,000 after purchasing an additional 401,643 shares during the last quarter. Hedge funds and other institutional investors own 78.76% of the company’s stock.
PPG opened at $107.36 on Wednesday. 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, Inc. has a 1 year low of $94.37 and a 1 year high of $122.07. The company has a market capitalization of $25.65 billion, a P/E ratio of 18.29, a P/E/G ratio of 2.21 and a beta of 1.36.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.45. PPG Industries had a net margin of 8.34% and a return on equity of 27.83%. The business had revenue of $3.82 billion for the quarter, compared to analysts’ expectations of $3.81 billion. During the same period last year, the company earned $1.52 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that PPG Industries, Inc. will post 5.81 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 12th will be given a $0.48 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.92 annualized dividend and a dividend yield of 1.79%. PPG Industries’s dividend payout ratio is presently 32.71%.
PPG has been the topic of several analyst reports. KeyCorp decreased their price target on shares of PPG Industries from $130.00 to $128.00 and set a “$104.41” rating on the stock in a research note on Monday, July 23rd. Goldman Sachs Group raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 price target on the stock in a research note on Wednesday, July 25th. Northcoast Research set a $114.00 price target on shares of PPG Industries and gave the stock a “buy” rating in a research note on Tuesday, October 9th. Deutsche Bank decreased their price target on shares of PPG Industries from $124.00 to $116.00 and set a “buy” rating on the stock in a research note on Tuesday, October 9th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $110.00 price target on shares of PPG Industries in a research note on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. PPG Industries presently has an average rating of “Hold” and a consensus target price of $117.81.
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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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