PPG Industries, Inc. (PPG) Stake Lowered by Caisse DE Depot ET Placement DU Quebec
Caisse DE Depot ET Placement DU Quebec reduced its stake in PPG Industries, Inc. (NYSE:PPG) by 26.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 38,054 shares of the specialty chemicals company’s stock after selling 13,460 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in PPG Industries were worth $4,152,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Bruderman Asset Management LLC purchased a new stake in PPG Industries during the 2nd quarter worth approximately $105,000. First Interstate Bank boosted its holdings in shares of 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 in the last quarter. Global X Management Co. LLC boosted its holdings in shares of 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 in the last quarter. Bessemer Group Inc. acquired a new position in shares of PPG Industries in the 2nd quarter valued at $179,000. Finally, Bristlecone Advisors LLC acquired a new position in shares of PPG Industries in the 3rd quarter valued at $179,000. Hedge funds and other institutional investors own 75.09% of the company’s stock.
Several brokerages have recently issued reports on PPG. Wells Fargo & Company restated a “market perform” rating and issued a $120.00 target price (up previously from $110.00) on shares of PPG Industries in a report on Tuesday, November 28th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Monday, November 27th. Citigroup upped their target price on shares of PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Robert W. Baird increased their price target on shares of PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. Finally, Bank of America set a $120.00 price target on shares of PPG Industries and gave the stock a “hold” rating in a research note 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. The stock has an average rating of “Hold” and a consensus target price of $119.40.
Shares of PPG Industries, Inc. (NYSE:PPG) traded up $0.06 during trading hours on Monday, reaching $115.98. 220,883 shares of the company were exchanged, compared to its average volume of 1,439,495. The firm has a market cap of $29,470.00, a PE ratio of 19.68, a P/E/G ratio of 2.31 and a beta of 1.60. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.26 and a current ratio of 1.65. PPG Industries, Inc. has a 12-month low of $93.80 and a 12-month high of $119.85.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The firm had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the prior year, the business earned $1.56 EPS. PPG Industries’s quarterly revenue was up 3.2% compared to the same quarter last year. analysts anticipate that PPG Industries, Inc. will post 5.9 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, November 9th. PPG Industries’s dividend payout ratio (DPR) is presently 35.86%.
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PPG Industries 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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