Cypress Capital Management LLC acquired a new position in PPG Industries, Inc. (NYSE:PPG) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 1,806 shares of the specialty chemicals company’s stock, valued at approximately $204,000.
A number of other hedge funds also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA lifted its holdings in PPG Industries by 2.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 24,144,052 shares of the specialty chemicals company’s stock worth $2,468,246,000 after purchasing an additional 643,315 shares during the period. BlackRock Inc. lifted its holdings in PPG Industries by 1.1% in the fourth quarter. BlackRock Inc. now owns 14,628,186 shares of the specialty chemicals company’s stock worth $1,495,440,000 after purchasing an additional 157,955 shares during the period. Trian Fund Management L.P. lifted its holdings in PPG Industries by 69.2% in the fourth quarter. Trian Fund Management L.P. now owns 7,009,412 shares of the specialty chemicals company’s stock worth $716,572,000 after purchasing an additional 2,866,150 shares during the period. Geode Capital Management LLC lifted its holdings in PPG Industries by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 2,839,765 shares of the specialty chemicals company’s stock worth $289,748,000 after purchasing an additional 153,809 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its holdings in PPG Industries by 10,003.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,810,405 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 2,782,589 shares during the period. 79.33% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE PPG opened at $111.94 on Thursday. PPG Industries, Inc. has a twelve month low of $94.37 and a twelve month high of $121.29. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.40 and a quick ratio of 0.97. The stock has a market capitalization of $26.27 billion, a price-to-earnings ratio of 18.91, a price-to-earnings-growth ratio of 1.94 and a beta of 1.19.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, April 18th. The specialty chemicals company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.17. PPG Industries had a net margin of 8.67% and a return on equity of 28.72%. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.69 billion. During the same period in the prior year, the firm earned $1.39 earnings per share. The business’s quarterly revenue was down 4.2% on a year-over-year basis. On average, equities research analysts forecast that PPG Industries, Inc. will post 6.31 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s dividend payout ratio is presently 32.43%.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday. BMO Capital Markets upped their price objective on shares of PPG Industries from $112.00 to $113.00 and gave the stock a “market perform” rating in a report on Wednesday, May 1st. Barclays upped their price target on shares of PPG Industries from $115.00 to $120.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. Buckingham Research upped their price target on shares of PPG Industries from $108.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Finally, Deutsche Bank upped their price target on shares of PPG Industries from $120.00 to $134.00 and gave the company a “buy” rating in a report on Monday, April 22nd. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. PPG Industries currently has an average rating of “Hold” and a consensus price target of $118.10.
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About PPG Industries
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.
See Also: Insider Trading
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