PPG Industries, Inc. (PPG) Holdings Reduced by Axa
Axa trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 3.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 802,485 shares of the specialty chemicals company’s stock after selling 26,200 shares during the quarter. Axa owned 0.32% of PPG Industries worth $87,198,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in PPG Industries by 1.6% during the second quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock worth $2,171,845,000 after buying an additional 310,086 shares during the period. Wells Fargo & Company MN lifted its position in shares of PPG Industries by 18.8% during the third quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock worth $348,987,000 after purchasing an additional 509,356 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of PPG Industries by 3.1% during the third quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock worth $309,054,000 after purchasing an additional 85,980 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of PPG Industries by 7.9% during the third quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock worth $296,017,000 after purchasing an additional 199,074 shares during the last quarter. Finally, Parnassus Investments CA lifted its position in shares of PPG Industries by 3.9% during the third quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock worth $266,850,000 after purchasing an additional 91,417 shares during the last quarter. 75.09% of the stock is owned by institutional investors.
PPG Industries, Inc. (NYSE:PPG) traded down $2.43 during mid-day trading on Friday, hitting $113.82. The company had a trading volume of 1,834,900 shares, compared to its average volume of 1,440,968. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. The company has a market capitalization of $29,582.82, a P/E ratio of 19.74, a P/E/G ratio of 2.32 and a beta of 1.59. PPG Industries, Inc. has a 12-month low of $93.80 and a 12-month high of $119.85.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share for the quarter, meeting the consensus estimate of $1.52. The firm had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.56 earnings per share. analysts predict that PPG Industries, Inc. will post 5.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Investors of record on Friday, November 10th were issued a $0.45 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.80 annualized dividend and a dividend yield of 1.58%. PPG Industries’s payout ratio is currently 26.12%.
PPG Industries announced that its board has authorized a stock repurchase plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
PPG has been the subject of several research analyst reports. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 25th. Credit Suisse Group set a $119.00 target price on PPG Industries and gave the stock a “buy” rating in a research report on Friday, October 20th. Citigroup lifted their target price on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. KeyCorp reiterated 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 lifted their target price on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and an average price target of $119.40.
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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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