Janney Montgomery Scott LLC Sells 9,036 Shares of PPG Industries, Inc. (PPG)
Janney Montgomery Scott LLC trimmed its holdings in PPG Industries, Inc. (NYSE:PPG) by 7.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,487 shares of the specialty chemicals company’s stock after selling 9,036 shares during the quarter. Janney Montgomery Scott LLC’s holdings in PPG Industries were worth $12,332,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Bruderman Asset Management LLC acquired a new position in PPG Industries in the 2nd quarter valued at $105,000. First Interstate Bank increased its stake in PPG Industries by 3.1% in the 2nd quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock valued at $127,000 after buying an additional 35 shares during the period. Global X Management Co. LLC increased its stake in PPG Industries by 9.2% in the 2nd quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock valued at $142,000 after buying an additional 108 shares during the period. Bessemer Group Inc. acquired a new position in PPG Industries in the 2nd quarter valued at $179,000. Finally, Bristlecone Advisors LLC acquired a new position in PPG Industries in the 3rd quarter valued at $179,000. 75.09% of the stock is currently owned by institutional investors and hedge funds.
PPG Industries, Inc. (NYSE:PPG) traded down $0.24 during trading on Tuesday, hitting $115.68. 948,800 shares of the company traded hands, compared to its average volume of 1,437,433. PPG Industries, Inc. has a 1-year low of $93.80 and a 1-year high of $119.85. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. The stock has a market cap of $29,498.85, a price-to-earnings ratio of 19.68, a PEG ratio of 2.31 and a beta of 1.59.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting the consensus estimate of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The business had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same period in the previous year, the firm earned $1.56 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. research analysts forecast that PPG Industries, Inc. will post 5.9 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.80 annualized dividend and a dividend yield of 1.56%. PPG Industries’s dividend payout ratio is presently 26.12%.
Several equities analysts have issued reports on PPG shares. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the company a “buy” rating in a research note on Friday, October 20th. Citigroup boosted their target price on shares of PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. KeyCorp restated a “buy” rating and set a $125.00 target price on shares of PPG Industries in a research report on Friday, August 25th. Finally, Robert W. Baird boosted their target price on shares of PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $119.40.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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