PPG Industries, Inc. (PPG) Stake Boosted by HighTower Advisors LLC
HighTower Advisors LLC boosted its position in PPG Industries, Inc. (NYSE:PPG) by 7.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,374 shares of the company’s stock after buying an additional 3,988 shares during the period. HighTower Advisors LLC’s holdings in PPG Industries were worth $6,094,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of the company. Pitcairn Co. increased its stake in shares of PPG Industries by 23.9% in the second quarter. Pitcairn Co. now owns 13,993 shares of the company’s stock worth $1,457,000 after buying an additional 2,698 shares during the period. E&G Advisors LP bought a new position in PPG Industries during the second quarter worth about $229,000. Bank of Montreal Can bought a new position in PPG Industries during the second quarter worth about $61,750,000. MSI Financial Services Inc boosted its position in PPG Industries by 2.0% in the second quarter. MSI Financial Services Inc now owns 10,952 shares of the company’s stock worth $1,140,000 after buying an additional 210 shares in the last quarter. Finally, Shell Asset Management Co. boosted its position in PPG Industries by 36.0% in the second quarter. Shell Asset Management Co. now owns 18,931 shares of the company’s stock worth $1,972,000 after buying an additional 5,010 shares in the last quarter. 71.17% of the stock is owned by institutional investors.
Shares of PPG Industries, Inc. (NYSE:PPG) traded down 0.49% on Friday, reaching $96.40. 375,956 shares of the company traded hands. PPG Industries, Inc. has a one year low of $88.37 and a one year high of $117.00. The stock’s 50 day moving average price is $96.37 and its 200-day moving average price is $100.03. The stock has a market capitalization of $25.45 billion, a P/E ratio of 30.62 and a beta of 1.39.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, October 20th. The company reported $1.56 EPS for the quarter, hitting the consensus estimate of $1.56. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.83 billion. PPG Industries had a net margin of 5.56% and a return on equity of 30.59%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm posted $1.61 earnings per share. Equities analysts forecast that PPG Industries, Inc. will post $5.90 earnings per share for the current fiscal year.
PPG has been the subject of a number of research analyst reports. Citigroup Inc. lowered their price objective on shares of PPG Industries from $131.00 to $112.00 and set a “buy” rating for the company in a research report on Tuesday, October 11th. Royal Bank Of Canada cut shares of PPG Industries from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $105.00 to $101.00 in a research report on Tuesday, December 13th. Argus cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, October 25th. RBC Capital Markets reiterated an “outperform” rating and set a $106.00 price objective (down from $125.00) on shares of PPG Industries in a research report on Wednesday, October 12th. Finally, Deutsche Bank AG cut shares of PPG Industries from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $122.00 to $100.00 in a research report on Monday, October 10th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $112.92.
PPG Industries Company Profile
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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