Huntington National Bank Reduces Holdings in PPG Industries, Inc. (NYSE:PPG)

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Huntington National Bank decreased its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 6.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 35,661 shares of the specialty chemicals company’s stock after selling 2,333 shares during the period. Huntington National Bank’s holdings in PPG Industries were worth $3,782,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PPG. Clearbridge Investments LLC grew its stake in shares of PPG Industries by 16.9% during the first quarter. Clearbridge Investments LLC now owns 6,571,310 shares of the specialty chemicals company’s stock worth $549,362,000 after acquiring an additional 947,678 shares during the last quarter. First Eagle Investment Management LLC purchased a new stake in shares of PPG Industries during the first quarter worth about $74,708,000. Nuveen Asset Management LLC grew its stake in shares of PPG Industries by 52.5% during the first quarter. Nuveen Asset Management LLC now owns 2,372,351 shares of the specialty chemicals company’s stock worth $198,329,000 after acquiring an additional 816,465 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of PPG Industries by 101.4% during the first quarter. First Trust Advisors LP now owns 1,120,797 shares of the specialty chemicals company’s stock worth $93,699,000 after purchasing an additional 564,353 shares during the period. Finally, Ceredex Value Advisors LLC lifted its holdings in shares of PPG Industries by 136.0% during the first quarter. Ceredex Value Advisors LLC now owns 943,250 shares of the specialty chemicals company’s stock worth $78,856,000 after purchasing an additional 543,600 shares during the period. Institutional investors and hedge funds own 76.83% of the company’s stock.

Shares of PPG stock opened at $107.65 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.35 and a quick ratio of 1.03. The company has a market cap of $25.40 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 3.79 and a beta of 1.27. The stock has a 50 day simple moving average of $107.27 and a 200-day simple moving average of $104.11. PPG Industries, Inc. has a 1-year low of $69.77 and a 1-year high of $134.36.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.29. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.83 billion. PPG Industries had a return on equity of 23.88% and a net margin of 7.23%. During the same period in the prior year, the company posted $1.85 EPS. Analysts anticipate that PPG Industries, Inc. will post 4.73 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. This is an increase from PPG Industries’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, August 7th. PPG Industries’s dividend payout ratio is presently 32.80%.

A number of research firms recently commented on PPG. Susquehanna Bancshares decreased their target price on PPG Industries from $140.00 to $82.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Deutsche Bank lifted their target price on PPG Industries from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Argus lifted their target price on PPG Industries from $108.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Robert W. Baird lifted their target price on PPG Industries from $120.00 to $130.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. Finally, Credit Suisse Group lifted their target price on PPG Industries from $111.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $118.56.

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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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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