Manning & Napier Advisors LLC Lowers Stock Holdings in PPG Industries, Inc. $PPG

Manning & Napier Advisors LLC cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 45.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,797 shares of the specialty chemicals company’s stock after selling 31,370 shares during the quarter. Manning & Napier Advisors LLC’s holdings in PPG Industries were worth $3,973,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kera Capital Partners Inc. increased its stake in shares of PPG Industries by 7.9% during the 3rd quarter. Kera Capital Partners Inc. now owns 2,078 shares of the specialty chemicals company’s stock valued at $218,000 after acquiring an additional 152 shares during the last quarter. Touchstone Capital Inc. purchased a new stake in PPG Industries in the third quarter valued at approximately $552,000. TD Private Client Wealth LLC grew its holdings in PPG Industries by 6.4% in the third quarter. TD Private Client Wealth LLC now owns 8,512 shares of the specialty chemicals company’s stock valued at $895,000 after purchasing an additional 513 shares during the period. Quent Capital LLC acquired a new position in PPG Industries during the third quarter worth approximately $57,000. Finally, Nordea Investment Management AB raised its stake in PPG Industries by 19.1% during the third quarter. Nordea Investment Management AB now owns 24,306 shares of the specialty chemicals company’s stock worth $2,532,000 after purchasing an additional 3,890 shares during the period. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of PPG stock opened at $108.48 on Thursday. The company has a market capitalization of $24.34 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 3.20 and a beta of 1.17. The firm has a fifty day simple moving average of $101.28 and a 200-day simple moving average of $105.92. The company has a current ratio of 1.47, a quick ratio of 1.08 and a debt-to-equity ratio of 0.74. PPG Industries, Inc. has a twelve month low of $90.24 and a twelve month high of $124.74.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Tuesday, October 28th. The specialty chemicals company reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.04. The firm had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $4.06 billion. PPG Industries had a net margin of 6.35% and a return on equity of 23.61%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.13 EPS. PPG Industries has set its FY 2025 guidance at 7.600-7.700 EPS. Equities research analysts anticipate that PPG Industries, Inc. will post 7.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PPG. JPMorgan Chase & Co. upped their price objective on PPG Industries from $112.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 21st. Bank of America dropped their price target on PPG Industries from $131.00 to $129.00 and set a “neutral” rating for the company in a research note on Tuesday, October 14th. Mizuho reduced their price objective on PPG Industries from $135.00 to $125.00 and set an “outperform” rating on the stock in a research note on Friday, October 3rd. Sanford C. Bernstein decreased their target price on PPG Industries from $129.00 to $123.00 and set an “outperform” rating for the company in a report on Monday, November 24th. Finally, Evercore ISI cut their price target on shares of PPG Industries from $145.00 to $112.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, PPG Industries presently has a consensus rating of “Hold” and a consensus price target of $122.54.

PPG Industries Company Profile

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.