Pennsylvania Trust Co cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 10.2% in the first quarter, HoldingsChannel.com reports. The firm owned 12,773 shares of the specialty chemicals company’s stock after selling 1,450 shares during the quarter. Pennsylvania Trust Co’s holdings in PPG Industries were worth $1,442,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Paragon Capital Management LLC purchased a new stake in PPG Industries in the 1st quarter valued at about $29,000. Taylor Hoffman Wealth Management purchased a new stake in shares of PPG Industries in the 4th quarter worth approximately $27,000. Capital Financial Planning LLC purchased a new stake in shares of PPG Industries in the 4th quarter worth approximately $31,000. CX Institutional lifted its position in shares of PPG Industries by 797.4% in the 1st quarter. CX Institutional now owns 341 shares of the specialty chemicals company’s stock worth $38,000 after purchasing an additional 303 shares during the period. Finally, Ipswich Investment Management Co. Inc. purchased a new stake in shares of PPG Industries in the 4th quarter worth approximately $41,000. 79.64% of the stock is owned by institutional investors.
PPG has been the subject of several research reports. JPMorgan Chase & Co. cut shares of PPG Industries from a “neutral” rating to an “underweight” rating and set a $106.00 price target for the company. in a research report on Friday, March 22nd. SunTrust Banks boosted their price objective on shares of PPG Industries to $110.00 and gave the stock a “hold” rating in a research note on Tuesday, January 22nd. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, January 15th. Credit Suisse Group reduced their price objective on shares of PPG Industries to $112.00 and set a “neutral” rating for the company in a research note on Friday, January 18th. Finally, Buckingham Research boosted their price objective on shares of PPG Industries from $108.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. PPG Industries currently has an average rating of “Hold” and a consensus target price of $118.25.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, April 18th. The specialty chemicals company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.21 by $0.17. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.69 billion. PPG Industries had a net margin of 8.67% and a return on equity of 28.72%. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.39 EPS. On average, research analysts expect that PPG Industries, Inc. will post 6.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is currently 32.43%.
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PPG Industries Company Profile
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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