Great Lakes Advisors LLC grew its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 5.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,326 shares of the specialty chemicals company’s stock after purchasing an additional 442 shares during the quarter. Great Lakes Advisors LLC’s holdings in PPG Industries were worth $1,018,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its stake in shares of PPG Industries by 6.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 23,500,737 shares of the specialty chemicals company’s stock valued at $2,564,635,000 after purchasing an additional 1,387,824 shares during the period. Parnassus Investments CA boosted its stake in shares of PPG Industries by 68.1% during the second quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock valued at $441,520,000 after purchasing an additional 1,724,631 shares during the period. Wells Fargo & Company MN boosted its stake in shares of PPG Industries by 3.5% during the third quarter. Wells Fargo & Company MN now owns 3,498,867 shares of the specialty chemicals company’s stock valued at $381,831,000 after purchasing an additional 119,509 shares during the period. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of PPG Industries during the second quarter valued at $327,975,000. Finally, Bank of America Corp DE boosted its stake in shares of PPG Industries by 15.2% during the second quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock valued at $316,527,000 after purchasing an additional 401,643 shares during the period. 78.51% of the stock is owned by hedge funds and other institutional investors.
PPG has been the subject of a number of recent analyst reports. ValuEngine lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. BMO Capital Markets lowered their price objective on shares of PPG Industries from $116.00 to $107.00 and set a “hold” rating for the company in a research note on Friday, October 19th. Goldman Sachs Group raised shares of PPG Industries from a “buy” rating to a “conviction-buy” rating in a research note on Monday, October 29th. Northcoast Research set a $114.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a research note on Tuesday, October 9th. Finally, KeyCorp lowered their price objective on shares of PPG Industries from $128.00 to $119.00 and set an “overweight” rating for the company in a research note on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. PPG Industries presently has a consensus rating of “Hold” and an average price target of $119.00.
NYSE:PPG opened at $105.79 on Friday. PPG Industries, Inc. has a 1-year low of $94.37 and a 1-year high of $122.07. The stock has a market capitalization of $25.60 billion, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 2.21 and a beta of 1.38. The company has a quick ratio of 1.22, a current ratio of 1.71 and a debt-to-equity ratio of 0.99.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.45. The business had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $3.81 billion. PPG Industries had a net margin of 8.34% and a return on equity of 27.83%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.52 earnings per share. Analysts predict that PPG Industries, Inc. will post 5.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Monday, November 12th will be issued a $0.48 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.92 dividend on an annualized basis and a yield of 1.81%. PPG Industries’s dividend payout ratio is presently 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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