Pictet Asset Management Ltd. raised its position in shares of PPG Industries, Inc. (NYSE:PPG) by 7.6% during the second quarter, Holdings Channel reports. The firm owned 245,154 shares of the specialty chemicals company’s stock after buying an additional 17,300 shares during the period. Pictet Asset Management Ltd.’s holdings in PPG Industries were worth $26,075,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. DnB Asset Management AS boosted its stake in shares of PPG Industries by 176.8% in the first quarter. DnB Asset Management AS now owns 84,186 shares of the specialty chemicals company’s stock worth $8,846,000 after buying an additional 53,770 shares during the period. Palisade Capital Management LLC NJ boosted its stake in shares of PPG Industries by 40.0% in the first quarter. Palisade Capital Management LLC NJ now owns 67,897 shares of the specialty chemicals company’s stock worth $7,135,000 after buying an additional 19,400 shares during the period. Doyle Wealth Management acquired a new stake in shares of PPG Industries during the first quarter worth approximately $631,000. Arvest Bank Trust Division acquired a new stake in shares of PPG Industries during the first quarter worth approximately $252,000. Finally, First National Bank & Trust Co. of Newtown boosted its stake in shares of PPG Industries by 5.9% in the first quarter. First National Bank & Trust Co. of Newtown now owns 3,218 shares of the specialty chemicals company’s stock worth $338,000 after buying an additional 180 shares during the period. Institutional investors and hedge funds own 71.81% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at 101.33 on Friday. The firm has a market capitalization of $25.99 billion, a PE ratio of 26.66 and a beta of 1.54. The company’s 50-day moving average is $108.52 and its 200 day moving average is $106.17. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $113.67.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the previous year, the company posted $1.73 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Equities analysts expect that PPG Industries, Inc. will post $6.11 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be paid a $0.45 dividend. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 annualized dividend and a yield of 1.78%. PPG Industries’s payout ratio is presently 46.88%.
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A number of equities research analysts have recently commented on the stock. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Credit Suisse Group reiterated an “outperform” rating and issued a $114.00 target price (up from $109.00) on shares of PPG Industries in a research report on Monday, July 17th. They noted that the move was a valuation call. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and increased their target price for the company from $110.61 to $136.00 in a research report on Wednesday, July 5th. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research report on Thursday, July 6th. Finally, Barclays PLC increased their target price on shares of PPG Industries from $110.00 to $115.00 and gave the company an “equal weight” rating in a research report on Monday, April 24th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. PPG Industries presently has an average rating of “Hold” and a consensus target price of $114.50.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. 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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