Voya Investment Management LLC Lowers Holdings in PPG Industries, Inc. (PPG)
Voya Investment Management LLC lessened its stake in PPG Industries, Inc. (NYSE:PPG) by 6.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,868 shares of the specialty chemicals company’s stock after selling 5,887 shares during the quarter. Voya Investment Management LLC’s holdings in PPG Industries were worth $9,011,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Fort L.P. acquired a new stake in PPG Industries in the 2nd quarter valued at about $120,000. BTG Pactual Global Asset Management Ltd acquired a new stake in PPG Industries in the 2nd quarter valued at about $6,843,000. Raymond James & Associates increased its position in PPG Industries by 8.4% in the 2nd quarter. Raymond James & Associates now owns 364,778 shares of the specialty chemicals company’s stock valued at $37,839,000 after acquiring an additional 28,304 shares in the last quarter. Flinton Capital Management LLC increased its position in PPG Industries by 31.1% in the 2nd quarter. Flinton Capital Management LLC now owns 7,424 shares of the specialty chemicals company’s stock valued at $770,000 after acquiring an additional 1,760 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new stake in PPG Industries in the 2nd quarter valued at about $1,927,000. Hedge funds and other institutional investors own 76.61% of the company’s stock.
Several research analysts have recently issued reports on the stock. Credit Suisse Group reduced their target price on shares of PPG Industries from $122.00 to $119.00 and set an “outperform” rating on the stock in a research note on Friday, July 20th. ValuEngine lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Saturday, June 2nd. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Friday, June 8th. Jefferies Financial Group reaffirmed a “hold” rating on shares of PPG Industries in a research note on Thursday, May 31st. Finally, JPMorgan Chase & Co. reduced their target price on shares of PPG Industries from $118.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday, June 1st. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. PPG Industries presently has an average rating of “Hold” and an average target price of $122.29.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.02. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. The business had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same quarter last year, the firm earned $1.83 EPS. PPG Industries’s quarterly revenue was up 8.5% compared to the same quarter last year. analysts expect that PPG Industries, Inc. will post 6.2 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Friday, August 10th were paid a dividend of $0.48 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 9th. This represents a $1.92 annualized dividend and a yield of 1.66%. PPG Industries’s dividend payout ratio (DPR) is presently 32.71%.
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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