Smith Asset Management Group LP Lowers Stake in PPG Industries, Inc. (NYSE:PPG)
Smith Asset Management Group LP decreased its stake in PPG Industries, Inc. (NYSE:PPG) by 15.7% during the second quarter, Holdings Channel reports. The fund owned 89,120 shares of the specialty chemicals company’s stock after selling 16,650 shares during the period. Smith Asset Management Group LP’s holdings in PPG Industries were worth $9,800,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Harbour Capital Advisors LLC increased its stake in shares of PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after buying an additional 10,896 shares during the last quarter. Baystate Wealth Management LLC increased its stake in shares of 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. V Wealth Management LLC purchased a new stake in shares of PPG Industries during the second quarter valued at $112,000. State of Alaska Department of Revenue purchased a new stake in shares of PPG Industries during the second quarter valued at $113,000. Finally, Coconut Grove Bank increased its stake in shares of 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 institutional investors.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at 100.73 on Friday. The company has a 50 day moving average of $108.24 and a 200 day moving average of $106.17. The firm has a market cap of $25.84 billion, a PE ratio of 26.50 and a beta of 1.54. PPG Industries, Inc. has a 52 week low of $89.64 and a 52 week high of $113.67.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the firm posted $1.73 EPS. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities research analysts anticipate that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be given a dividend of $0.45 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 1.79%. PPG Industries’s dividend payout ratio (DPR) is 46.88%.
Several analysts have recently weighed in on PPG shares. Citigroup Inc. reaffirmed a “market perform” rating on shares of PPG Industries in a report on Friday, April 14th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 target price (up previously from $113.00) on shares of PPG Industries in a report on Tuesday, April 18th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $110.00 target price (up previously from $102.00) on shares of PPG Industries in a report on Sunday, April 23rd. Barclays PLC lifted their target price on shares of PPG Industries from $110.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, April 24th. Finally, TheStreet raised shares of PPG Industries from a “c+” rating to a “b+” rating in a report on Monday, May 22nd. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. PPG Industries presently has a consensus rating of “Hold” and an average price target of $114.50.
PPG Industries Company Profile
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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