Parsec Financial Management Inc. increased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 14.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,858 shares of the specialty chemicals company’s stock after acquiring an additional 480 shares during the period. Parsec Financial Management Inc.’s holdings in PPG Industries were worth $421,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in PPG. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of PPG Industries during the second quarter worth $327,975,000. Massachusetts Financial Services Co. MA raised its holdings in shares of PPG Industries by 15.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 22,112,913 shares of the specialty chemicals company’s stock worth $2,293,772,000 after acquiring an additional 2,995,436 shares in the last quarter. Parnassus Investments CA raised its holdings in shares of PPG Industries by 68.1% during the second quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock worth $441,520,000 after acquiring an additional 1,724,631 shares in the last quarter. Mondrian Investment Partners LTD purchased a new stake in shares of PPG Industries during the second quarter worth $46,290,000. Finally, Bank of America Corp DE raised its holdings in shares of PPG Industries by 15.2% during the second quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock worth $316,527,000 after acquiring an additional 401,643 shares in the last quarter. Institutional investors and hedge funds own 78.13% of the company’s stock.
Several analysts recently issued reports on the company. Goldman Sachs Group upgraded PPG Industries from a “buy” rating to a “conviction-buy” rating in a report on Monday. BMO Capital Markets cut their price objective on PPG Industries from $116.00 to $107.00 and set a “hold” rating for the company in a report on Friday, October 19th. JPMorgan Chase & Co. upgraded PPG Industries from a “neutral” rating to an “overweight” rating and set a $105.00 price objective for the company in a report on Friday, October 19th. Credit Suisse Group set a $115.00 target price on PPG Industries and gave the company a “hold” rating in a report on Monday, October 15th. Finally, KeyCorp cut their target price on PPG Industries from $128.00 to $119.00 and set an “overweight” rating on the stock in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. PPG Industries has a consensus rating of “Hold” and an average target price of $117.56.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.45. PPG Industries had a return on equity of 27.83% and a net margin of 8.34%. The company had revenue of $3.82 billion for the quarter, compared to analyst estimates of $3.81 billion. During the same period last year, the company earned $1.52 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. Analysts anticipate that PPG Industries, Inc. will post 5.81 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 12th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Thursday, November 8th. PPG Industries’s dividend payout ratio is currently 32.71%.
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.
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