Parsec Financial Management Inc. boosted its position in PPG Industries, Inc. (NYSE:PPG) by 3.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,255 shares of the specialty chemicals company’s stock after buying an additional 100 shares during the period. Parsec Financial Management Inc.’s holdings in PPG Industries were worth $358,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the company. Ledyard National Bank boosted its stake in shares of PPG Industries by 10.9% in the first quarter. Ledyard National Bank now owns 3,044 shares of the specialty chemicals company’s stock worth $320,000 after buying an additional 300 shares in the last quarter. LS Investment Advisors LLC increased its position in shares of PPG Industries by 18.3% in the first quarter. LS Investment Advisors LLC now owns 31,078 shares of the specialty chemicals company’s stock valued at $3,266,000 after buying an additional 4,799 shares in the last quarter. Swiss National Bank increased its position in shares of PPG Industries by 26.1% in the first quarter. Swiss National Bank now owns 935,360 shares of the specialty chemicals company’s stock valued at $98,288,000 after buying an additional 193,800 shares in the last quarter. BlackRock Inc. increased its position in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after buying an additional 13,902,595 shares in the last quarter. Finally, Whittier Trust Co. increased its position in shares of PPG Industries by 1.0% in the first quarter. Whittier Trust Co. now owns 12,481 shares of the specialty chemicals company’s stock valued at $1,312,000 after buying an additional 125 shares in the last quarter. Institutional investors own 71.81% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE:PPG) traded down 0.59% during midday trading on Friday, hitting $100.73. 1,536,922 shares of the stock traded hands. 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 firm has a market capitalization 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 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the firm earned $1.73 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. Analysts anticipate that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.79%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio is presently 46.88%.
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Several brokerages have recently issued reports on PPG. Royal Bank Of Canada reiterated a “hold” rating and set a $109.00 price target on shares of PPG Industries in a report on Wednesday. BidaskClub downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, July 31st. SunTrust Banks, Inc. downgraded PPG Industries from a “buy” rating to a “hold” rating and decreased their price objective for the company from $120.00 to $113.00 in a report on Monday, July 24th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Credit Suisse Group set a $113.00 price target on shares of PPG Industries and gave the company a “buy” rating in a research report on Sunday, July 23rd. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently 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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