Eudaimonia Partners LLC reduced its position in shares of PPG Industries, Inc. (NYSE:PPG – Get Rating) by 54.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,885 shares of the specialty chemicals company’s stock after selling 2,283 shares during the period. Eudaimonia Partners LLC’s holdings in PPG Industries were worth $209,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Janiczek Wealth Management LLC purchased a new position in shares of PPG Industries during the second quarter worth $29,000. Parkside Financial Bank & Trust boosted its holdings in PPG Industries by 45.8% in the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 87 shares during the period. Tradition Wealth Management LLC purchased a new position in PPG Industries in the second quarter valued at $33,000. New England Asset Management Inc. purchased a new position in PPG Industries in the second quarter valued at $33,000. Finally, Achmea Investment Management B.V. purchased a new position in PPG Industries in the first quarter valued at $40,000. 80.04% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts recently issued reports on the company. Credit Suisse Group lifted their target price on PPG Industries from $104.00 to $118.00 and gave the company an “underperform” rating in a report on Friday, January 20th. BNP Paribas cut PPG Industries from an “outperform” rating to a “neutral” rating and set a $130.00 price target on the stock. in a research note on Monday. Barclays cut their price target on PPG Industries from $150.00 to $130.00 in a research note on Tuesday, October 11th. Vertical Research cut PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Wells Fargo & Company raised their price target on PPG Industries from $115.00 to $124.00 and gave the company an “equal weight” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $135.55.
PPG Industries Stock Performance
PPG Industries (NYSE:PPG – Get Rating) last issued its quarterly earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.08. The firm had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $4.12 billion. PPG Industries had a return on equity of 22.95% and a net margin of 5.81%. The firm’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.26 EPS. As a group, equities research analysts forecast that PPG Industries, Inc. will post 6.73 EPS for the current year.
PPG Industries Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 17th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, February 16th. PPG Industries’s dividend payout ratio (DPR) is presently 57.27%.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
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