United Bank Inc. held its stake in PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,971 shares of the specialty chemicals company’s stock at the end of the second quarter. United Bank Inc.’s holdings in PPG Industries were worth $547,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. Cable Hill Partners LLC boosted its stake in PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 77 shares during the last quarter. V Wealth Management LLC acquired a new stake in PPG Industries during the second quarter valued at $112,000. State of Alaska Department of Revenue acquired a new stake in PPG Industries during the second quarter valued at $113,000. Baystate Wealth Management LLC boosted its stake in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares during the last quarter. Finally, Coconut Grove Bank boosted its stake in PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock valued at $124,000 after buying an additional 600 shares during the last quarter. 71.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PPG Industries, Inc. (PPG) traded down 0.59% during midday trading on Friday, hitting $100.73. The stock had a trading volume of 1,536,922 shares. The company’s 50 day moving average is $108.24 and its 200 day moving average is $106.17. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $113.67. The company has a market cap of $25.84 billion, a PE ratio of 26.50 and a beta of 1.54.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting analysts’ consensus estimates of $1.83. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 earnings per share. On average, analysts anticipate that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.45 per share. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.79%. PPG Industries’s dividend payout ratio is currently 46.88%.
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Several analysts have weighed in on the company. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $109.00 price target on shares of PPG Industries in a report on Wednesday. BidaskClub lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. SunTrust Banks, Inc. lowered PPG Industries from a “buy” rating to a “hold” rating and reduced their price objective for the company from $120.00 to $113.00 in a research report on Monday, July 24th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Credit Suisse Group set a $113.00 price objective on PPG Industries and gave the company a “buy” rating in a research report on Sunday, July 23rd. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $114.50.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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