77,319 Shares in PPG Industries, Inc. $PPG Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a new PPG Industries position, buying 77,319 shares valued at approximately $8.07 million in the third quarter.
• PPG reported quarterly earnings of $2.25 per share, beating the $2.12 consensus estimate, while revenue rose 6.6% year over year to $4.35 billion.
• PPG announced a quarterly dividend of $0.74 per share, equivalent to an annualized yield of about 2.3%; analysts’ consensus rating is “Moderate Buy.”

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) in the third quarter, according to its most recent filing with the SEC. The firm purchased 77,319 shares of the specialty chemicals company's stock, valued at approximately $8,067,000.

Several other hedge funds also recently modified their holdings of the stock. BlackRock Inc. bought a new position in PPG Industries during the second quarter worth about $2,856,392,000. Pzena Investment Management LLC purchased a new stake in PPG Industries in the second quarter valued at about $946,964,000. Bank of New York Mellon Corp purchased a new position in PPG Industries during the 2nd quarter worth approximately $318,870,000. Bank of America Corp DE acquired a new position in shares of PPG Industries in the second quarter worth about $278,965,000. Finally, First Trust Advisors LP lifted its holdings in PPG Industries by 321.4% in the 1st quarter. First Trust Advisors LP now owns 2,287,261 shares of the specialty chemicals company's stock valued at $244,462,000 after purchasing an additional 1,744,528 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

PPG Industries Stock Performance

PPG Industries stock opened at $127.42 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15. PPG Industries, Inc. has a 12 month low of $93.39 and a 12 month high of $133.43. The stock's 50-day moving average is $109.43 and its 200-day moving average is $112.71. The company has a market cap of $28.15 billion, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 2.09 and a beta of 1.00.

PPG Industries (NYSE:PPG - Get Free Report) last released its earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, beating the consensus estimate of $2.12 by $0.13. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. The company had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.28 billion. During the same period in the prior year, the business posted $2.13 EPS. The business's revenue was up 6.6% on a year-over-year basis. Equities analysts anticipate that PPG Industries, Inc. will post 7.98 earnings per share for the current year.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $2.96 dividend on an annualized basis and a yield of 2.3%. PPG Industries's payout ratio is currently 42.29%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PPG. JPMorgan Chase & Co. boosted their price objective on shares of PPG Industries from $125.00 to $130.00 and gave the company an "overweight" rating in a report on Thursday, October 29th. Bank of America upgraded PPG Industries from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $127.00 to $134.00 in a research note on Friday, July 17th. Wells Fargo & Company raised their target price on shares of PPG Industries from $130.00 to $135.00 and gave the stock an "overweight" rating in a research report on Thursday, October 29th. Royal Bank Of Canada lifted their price objective on shares of PPG Industries from $115.00 to $123.00 and gave the company a "sector perform" rating in a research note on Thursday, October 29th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $128.00 price target on shares of PPG Industries in a report on Friday, October 9th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, PPG Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $128.29.

About PPG Industries

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.

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