Bank of Nova Scotia cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 11.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 116,739 shares of the specialty chemicals company’s stock after selling 15,670 shares during the period. Bank of Nova Scotia’s holdings in PPG Industries were worth $12,109,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of PPG. Archford Capital Strategies LLC purchased a new stake in shares of PPG Industries during the 1st quarter valued at approximately $109,000. McKinley Carter Wealth Services Inc. bought a new stake in PPG Industries during the 1st quarter worth approximately $104,000. Kohmann Bosshard Financial Services LLC bought a new stake in PPG Industries during the 1st quarter worth approximately $112,000. Fort L.P. bought a new stake in PPG Industries during the 2nd quarter worth approximately $120,000. Finally, Adviser Investments LLC bought a new stake in PPG Industries during the 1st quarter worth approximately $157,000. 76.64% of the stock is owned by institutional investors.
PPG has been the topic of a number of analyst reports. KeyCorp decreased their target price on shares of PPG Industries from $130.00 to $128.00 and set a “$104.41” rating on the stock in a report on Monday, July 23rd. Goldman Sachs Group raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 target price on the stock in a report on Wednesday, July 25th. Deutsche Bank decreased their target price on shares of PPG Industries from $124.00 to $116.00 and set a “buy” rating on the stock in a report on Tuesday. Northcoast Research set a $114.00 target price on shares of PPG Industries and gave the stock a “buy” rating in a report on Tuesday. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $110.00 target price on shares of PPG Industries in a report on Friday, July 20th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the stock. PPG Industries has a consensus rating of “Hold” and a consensus target price of $118.71.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 EPS for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.02. The firm had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.83 EPS. As a group, equities research analysts expect that PPG Industries, Inc. will post 6.2 EPS for the current year.
PPG Industries Profile
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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