Kayne Anderson Rudnick Investment Management LLC lessened its holdings in PPG Industries, Inc. (NYSE:PPG) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 110,217 shares of the specialty chemicals company’s stock after selling 1,434 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in PPG Industries were worth $11,976,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also made changes to their positions in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in PPG Industries by 8.6% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 69,104 shares of the specialty chemicals company’s stock valued at $7,509,000 after acquiring an additional 5,478 shares during the last quarter. Comerica Bank grew its position in PPG Industries by 4.9% in the 3rd quarter. Comerica Bank now owns 126,972 shares of the specialty chemicals company’s stock valued at $14,750,000 after acquiring an additional 5,926 shares during the last quarter. Bank of New York Mellon Corp grew its position in PPG Industries by 7.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after acquiring an additional 199,074 shares during the last quarter. Montag A & Associates Inc. grew its position in PPG Industries by 15.8% in the 3rd quarter. Montag A & Associates Inc. now owns 10,795 shares of the specialty chemicals company’s stock valued at $1,173,000 after acquiring an additional 1,469 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its position in PPG Industries by 6,094.4% in the 3rd quarter. Teacher Retirement System of Texas now owns 168,178 shares of the specialty chemicals company’s stock valued at $18,274,000 after acquiring an additional 165,463 shares during the last quarter. 74.67% of the stock is currently owned by institutional investors.
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A number of equities analysts have recently issued reports on PPG shares. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 25th. SunTrust Banks, Inc. downgraded PPG Industries from a “buy” rating to a “hold” rating and dropped their price target for the stock from $120.00 to $113.00 in a research report on Monday, July 24th. Credit Suisse Group set a $119.00 price target on PPG Industries and gave the stock a “buy” rating in a research report on Friday, October 20th. Citigroup Inc. increased their price target on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Finally, KeyCorp reissued a “buy” rating and set a $125.00 price target on shares of PPG Industries in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $119.36.
Shares of PPG Industries, Inc. (NYSE:PPG) traded down $0.18 during trading hours on Friday, hitting $113.83. The stock had a trading volume of 1,655,611 shares, compared to its average volume of 1,454,913. PPG Industries, Inc. has a 1 year low of $93.80 and a 1 year high of $119.85. The stock has a market capitalization of $29,010.00, a PE ratio of 19.41, a price-to-earnings-growth ratio of 2.27 and a beta of 1.60. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.26 and a current ratio of 1.65.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same period last year, the business posted $1.56 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. research analysts expect that PPG Industries, Inc. will post 5.9 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Thursday, November 9th. PPG Industries’s payout ratio is 35.86%.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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