South State Corp Cuts Stake in PPG Industries, Inc. (PPG)
South State Corp lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 26.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,800 shares of the specialty chemicals company’s stock after selling 1,372 shares during the quarter. South State Corp’s holdings in PPG Industries were worth $413,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new stake in PPG Industries in the 2nd quarter worth about $113,000. Investment Partners Ltd. OH ADV raised its stake in PPG Industries by 0.3% in the 2nd quarter. Investment Partners Ltd. OH ADV now owns 2,485 shares of the specialty chemicals company’s stock worth $273,000 after purchasing an additional 7 shares in the last quarter. Parametrica Management Ltd acquired a new stake in PPG Industries in the 2nd quarter worth about $369,000. Cornerstone Advisors Inc. raised its stake in PPG Industries by 17.7% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,891 shares of the specialty chemicals company’s stock worth $208,000 after purchasing an additional 285 shares in the last quarter. Finally, Stack Financial Management Inc raised its stake in PPG Industries by 0.6% in the 2nd quarter. Stack Financial Management Inc now owns 117,600 shares of the specialty chemicals company’s stock worth $12,931,000 after purchasing an additional 680 shares in the last quarter. Institutional investors own 73.52% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) traded up $0.81 during mid-day trading on Friday, reaching $116.10. 438,775 shares of the company’s stock traded hands, compared to its average volume of 1,052,990. 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 52-week low of $93.80 and a 52-week high of $119.85. The company has a market cap of $29,544.66, a price-to-earnings ratio of 19.71, a P/E/G ratio of 2.31 and a beta of 1.59.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, meeting the 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 for the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the firm earned $1.56 EPS. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. equities research analysts forecast that PPG Industries, Inc. will post 5.9 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 10th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, November 9th. PPG Industries’s dividend payout ratio is currently 26.12%.
Several analysts have weighed in on PPG shares. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a research note on Friday, October 20th. Citigroup Inc. lifted their price objective on shares of PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. KeyCorp reiterated a “buy” rating and issued a $125.00 price objective on shares of PPG Industries in a research note on Friday, August 25th. Finally, Robert W. Baird lifted their price objective 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. PPG Industries has an average rating of “Hold” and a consensus price target of $119.36.
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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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