Wagner Bowman Management Corp decreased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 18.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,570 shares of the specialty chemicals company’s stock after selling 1,010 shares during the period. Wagner Bowman Management Corp’s holdings in PPG Industries were worth $502,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Investment Partners Ltd. OH ADV boosted its stake in shares of PPG Industries by 0.3% in the first quarter. Investment Partners Ltd. OH ADV now owns 2,478 shares of the specialty chemicals company’s stock worth $260,000 after buying an additional 8 shares during the last quarter. YorkBridge Wealth Partners LLC boosted its stake in PPG Industries by 0.3% in the first quarter. YorkBridge Wealth Partners LLC now owns 5,820 shares of the specialty chemicals company’s stock valued at $637,000 after buying an additional 15 shares in the last quarter. Linscomb & Williams Inc. boosted its stake in PPG Industries by 1.1% in the first quarter. Linscomb & Williams Inc. now owns 2,925 shares of the specialty chemicals company’s stock valued at $307,000 after buying an additional 31 shares in the last quarter. Baystate Wealth Management LLC boosted its stake in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares in the last quarter. Finally, Atlas Brown Inc. boosted its stake in PPG Industries by 2.0% in the second quarter. Atlas Brown Inc. now owns 2,755 shares of the specialty chemicals company’s stock valued at $303,000 after buying an additional 55 shares in the last quarter. 71.81% of the stock is owned by hedge funds and other institutional investors.
Shares of PPG Industries, Inc. (NYSE:PPG) traded down 1.23% on Tuesday, reaching $103.40. 1,398,246 shares of the company were exchanged. PPG Industries, Inc. has a 52 week low of $89.64 and a 52 week high of $113.67. The company’s 50-day moving average is $109.39 and its 200-day moving average is $105.99. The company has a market capitalization of $26.52 billion, a price-to-earnings ratio of 27.20 and a beta of 1.54.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the prior year, the business earned $1.73 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. On average, equities analysts expect that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.74%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio is presently 41.67%.
Several research firms have recently weighed in on PPG. SunTrust Banks, Inc. cut shares of PPG Industries from a “buy” rating to a “hold” rating and lowered their price objective for the company from $120.00 to $113.00 in a research report on Monday, July 24th. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a research report on Monday, May 22nd. Jefferies Group LLC restated a “buy” rating and set a $120.00 price objective (up previously from $113.00) on shares of PPG Industries in a research report on Tuesday, April 18th. Barclays PLC raised their price objective 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. Finally, Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $113.93.
About PPG Industries
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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