PPG Industries, Inc. (PPG) Position Raised by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 26.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,104 shares of the specialty chemicals company’s stock after purchasing an additional 39,633 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.07% of PPG Industries worth $20,331,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of PPG Industries by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock valued at $2,171,845,000 after buying an additional 310,086 shares during the period. Wells Fargo & Company MN increased its stake in shares of PPG Industries by 18.8% in the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after buying an additional 509,356 shares during the period. Nordea Investment Management AB increased its stake in shares of PPG Industries by 3.1% in the 3rd quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock valued at $309,054,000 after buying an additional 85,980 shares during the period. Bank of New York Mellon Corp increased its stake in shares of PPG Industries by 7.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after buying an additional 199,074 shares during the period. Finally, Parnassus Investments CA increased its stake in shares of PPG Industries by 3.9% in the 3rd quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock valued at $266,850,000 after buying an additional 91,417 shares during the period. 75.09% of the stock is owned by hedge funds and other institutional investors.
Shares of PPG Industries, Inc. (NYSE PPG) traded down $0.56 during trading on Thursday, hitting $116.19. The company had a trading volume of 893,400 shares, compared to its average volume of 1,443,598. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68. PPG Industries, Inc. has a twelve month low of $93.80 and a twelve month high of $119.85. The firm has a market capitalization of $29,710.06, a PE ratio of 19.82, a PEG ratio of 2.32 and a beta of 1.59.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting analysts’ consensus estimates of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The business had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same period in the previous year, the firm earned $1.56 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. research analysts predict that PPG Industries, Inc. will post 5.9 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be paid a dividend of $0.45 per share. The ex-dividend date is Thursday, November 9th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is presently 26.12%.
PPG has been the subject of several research reports. Credit Suisse Group set a $119.00 target price on PPG Industries and gave the company a “buy” rating in a research note on Friday, October 20th. Jefferies Group reissued a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Thursday, October 19th. Zacks Investment Research cut PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Robert W. Baird reissued a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research note on Friday, September 1st. Finally, Bank of America set a $120.00 price objective on PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $119.40.
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PPG Industries Company Profile
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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