Schroder Investment Management Group Buys 47,270 Shares of PPG Industries, Inc. (PPG)
Schroder Investment Management Group increased its stake in PPG Industries, Inc. (NYSE:PPG) by 497.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 56,777 shares of the specialty chemicals company’s stock after acquiring an additional 47,270 shares during the period. Schroder Investment Management Group’s holdings in PPG Industries were worth $6,196,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PPG. Ontario Teachers Pension Plan Board boosted its position in shares of PPG Industries by 74.6% during the third quarter. Ontario Teachers Pension Plan Board now owns 8,837 shares of the specialty chemicals company’s stock valued at $964,000 after buying an additional 3,776 shares during the period. CIBC World Markets Inc. boosted its holdings in shares of PPG Industries by 30.3% in the third quarter. CIBC World Markets Inc. now owns 15,594 shares of the specialty chemicals company’s stock valued at $1,702,000 after purchasing an additional 3,627 shares during the period. American International Group Inc. boosted its holdings in shares of PPG Industries by 3.9% in the third quarter. American International Group Inc. now owns 81,543 shares of the specialty chemicals company’s stock valued at $8,899,000 after purchasing an additional 3,043 shares during the period. Girard Partners LTD. boosted its holdings in shares of PPG Industries by 2.2% in the third quarter. Girard Partners LTD. now owns 30,518 shares of the specialty chemicals company’s stock valued at $3,330,000 after purchasing an additional 669 shares during the period. Finally, AXA boosted its holdings in shares of PPG Industries by 12.6% in the third quarter. AXA now owns 467,634 shares of the specialty chemicals company’s stock valued at $51,033,000 after purchasing an additional 52,256 shares during the period. Institutional investors own 78.51% of the company’s stock.
A number of analysts recently issued reports on the company. Credit Suisse Group reiterated a “neutral” rating and issued a $119.00 price target on shares of PPG Industries in a report on Monday, September 24th. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Vertical Research lowered PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Deutsche Bank lowered their price target on PPG Industries from $124.00 to $116.00 and set a “buy” rating for the company in a report on Tuesday, October 9th. Finally, Longbow Research assumed coverage on PPG Industries in a report on Friday, November 30th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $119.00.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, October 18th. The specialty chemicals company reported $1.45 EPS for the quarter, hitting analysts’ consensus estimates of $1.45. The company had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $3.81 billion. PPG Industries had a net margin of 8.34% and a return on equity of 27.83%. PPG Industries’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.52 earnings per share. On average, sell-side analysts predict that PPG Industries, Inc. will post 5.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 12th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, November 8th. PPG Industries’s dividend payout ratio (DPR) is 32.71%.
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About PPG Industries
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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