Acadian Asset Management LLC raised its position in shares of PPG Industries, Inc. (NYSE:PPG) by 159.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 43,999 shares of the specialty chemicals company’s stock after acquiring an additional 27,063 shares during the quarter. Acadian Asset Management LLC’s holdings in PPG Industries were worth $5,372,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of PPG. FMR LLC boosted its position in PPG Industries by 84.3% during the 2nd quarter. FMR LLC now owns 1,136,356 shares of the specialty chemicals company’s stock valued at $120,522,000 after acquiring an additional 519,829 shares in the last quarter. Ardevora Asset Management LLP bought a new stake in PPG Industries during the 2nd quarter valued at approximately $36,592,000. First Eagle Investment Management LLC boosted its position in PPG Industries by 35.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,207,048 shares of the specialty chemicals company’s stock valued at $128,020,000 after acquiring an additional 313,412 shares in the last quarter. Federated Hermes Inc. boosted its position in PPG Industries by 343.3% during the 2nd quarter. Federated Hermes Inc. now owns 383,482 shares of the specialty chemicals company’s stock valued at $40,673,000 after acquiring an additional 296,976 shares in the last quarter. Finally, Prudential PLC bought a new stake in PPG Industries during the 3rd quarter valued at approximately $31,668,000. 77.11% of the stock is currently owned by institutional investors and hedge funds.
Shares of PPG opened at $143.04 on Friday. The firm has a market cap of $33.79 billion, a PE ratio of 31.58, a P/E/G ratio of 4.01 and a beta of 1.22. The company has a current ratio of 1.35, a quick ratio of 1.03 and a debt-to-equity ratio of 0.93. The firm has a fifty day simple moving average of $134.71 and a two-hundred day simple moving average of $116.12. PPG Industries, Inc. has a 1-year low of $69.77 and a 1-year high of $149.34.
PPG Industries (NYSE:PPG) last announced its earnings results on Monday, October 19th. The specialty chemicals company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.01. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.60 billion. PPG Industries had a net margin of 7.85% and a return on equity of 25.46%. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.67 EPS. As a group, research analysts forecast that PPG Industries, Inc. will post 5.54 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $2.16 dividend on an annualized basis and a yield of 1.51%. PPG Industries’s dividend payout ratio is presently 34.73%.
A number of analysts have recently commented on PPG shares. Royal Bank of Canada boosted their price target on PPG Industries from $141.00 to $144.00 and gave the stock an “outperform” rating in a research report on Friday, October 9th. Deutsche Bank Aktiengesellschaft boosted their price target on PPG Industries from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Morgan Stanley boosted their price target on PPG Industries from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 20th. BMO Capital Markets boosted their price target on PPG Industries from $173.00 to $178.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 21st. Finally, Credit Suisse Group boosted their price target on PPG Industries from $130.00 to $136.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 21st. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $132.44.
In other news, EVP Timothy M. Knavish sold 15,300 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $120.69, for a total value of $1,846,557.00. Also, VP William E. Schaupp sold 3,850 shares of the company’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $134.66, for a total value of $518,441.00. Following the completion of the sale, the vice president now owns 4,333 shares of the company’s stock, valued at $583,481.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,172 shares of company stock valued at $13,193,588. Company insiders own 0.41% of the company’s stock.
PPG Industries Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
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