StrongBox Wealth LLC Purchases New Shares in PPG Industries, Inc. $PPG

StrongBox Wealth LLC purchased a new stake in PPG Industries, Inc. (NYSE:PPG) in the third quarter, HoldingsChannel reports. The firm purchased 5,980 shares of the specialty chemicals company’s stock, valued at approximately $624,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in PPG Industries during the 2nd quarter worth $2,856,392,000. Pzena Investment Management LLC bought a new position in PPG Industries in the 2nd quarter valued at $946,964,000. Bank of New York Mellon Corp acquired a new stake in shares of PPG Industries in the 2nd quarter valued at $318,870,000. Bank of America Corp DE acquired a new stake in shares of PPG Industries in the 2nd quarter valued at $278,965,000. Finally, First Trust Advisors LP increased its stake in shares of PPG Industries by 321.4% in the 1st quarter. First Trust Advisors LP now owns 2,287,261 shares of the specialty chemicals company’s stock valued at $244,462,000 after buying an additional 1,744,528 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of PPG opened at $123.42 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.71. PPG Industries, Inc. has a twelve month low of $93.39 and a twelve month high of $133.43. The stock has a market capitalization of $27.26 billion, a P/E ratio of 16.27, a P/E/G ratio of 2.19 and a beta of 1.00. The company has a 50 day moving average of $109.61 and a 200-day moving average of $112.78.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.13. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.28 billion. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.13 earnings per share. As a group, equities research analysts forecast that PPG Industries, Inc. will post 7.98 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be paid a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, November 10th. PPG Industries’s payout ratio is presently 42.29%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PPG. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $137.00 price target on shares of PPG Industries in a research note on Thursday, October 29th. JPMorgan Chase & Co. raised their price target on PPG Industries from $125.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. Wall Street Zen lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. UBS Group boosted their price objective on PPG Industries from $116.00 to $123.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. Finally, Barclays upped their target price on shares of PPG Industries from $136.00 to $137.00 and gave the company an “overweight” rating in a research report on Thursday, October 29th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.29.

Insider Buying and Selling

In other PPG Industries news, VP Chancey Hagerty sold 2,500 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $127.14, for a total transaction of $317,850.00. Following the sale, the vice president directly owned 9,761 shares of the company’s stock, valued at $1,241,013.54. The trade was a 20.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.33% of the stock is owned by company insiders.

About PPG Industries

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.