PPG Industries, Inc. (PPG) Shares Sold by Northern Trust Corp
Northern Trust Corp reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 4.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 2,841,364 shares of the specialty chemicals company’s stock after selling 124,613 shares during the period. Northern Trust Corp owned about 1.17% of PPG Industries worth $294,734,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PPG. McKinley Carter Wealth Services Inc. purchased a new position in PPG Industries during the 1st quarter worth $104,000. Cornerstone Wealth Management LLC purchased a new position in PPG Industries during the 2nd quarter worth $105,000. Archford Capital Strategies LLC purchased a new position in PPG Industries during the 1st quarter worth $109,000. Kohmann Bosshard Financial Services LLC purchased a new position in PPG Industries during the 1st quarter worth $112,000. Finally, Summit Trail Advisors LLC increased its holdings in PPG Industries by 11,166.0% during the 1st quarter. Summit Trail Advisors LLC now owns 118,631 shares of the specialty chemicals company’s stock worth $119,000 after purchasing an additional 117,578 shares during the period. 76.60% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on the company. Credit Suisse Group restated a “neutral” rating and set a $119.00 price objective on shares of PPG Industries in a report on Monday. ValuEngine upgraded PPG Industries from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Citigroup reduced their price objective on PPG Industries from $123.00 to $113.00 and set a “neutral” rating on the stock in a report on Wednesday, July 11th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a report on Friday, June 15th. Finally, SunTrust Banks restated a “hold” rating and set a $110.00 price objective on shares of PPG Industries in a report on Friday, July 20th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $122.29.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.02. PPG Industries had a return on equity of 27.36% and a net margin of 9.87%. The business had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same period last year, the business posted $1.83 EPS. The business’s revenue was up 8.5% compared to the same quarter last year. equities research analysts forecast that PPG Industries, Inc. will post 6.2 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Friday, August 10th were issued a $0.48 dividend. The ex-dividend date of this dividend was Thursday, August 9th. This is an increase from PPG Industries’s previous quarterly dividend of $0.45. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.70%. PPG Industries’s dividend payout ratio (DPR) is currently 32.71%.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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