OMERS ADMINISTRATION Corp Raises Stock Holdings in PPG Industries, Inc. $PPG

Key Points

• OMERS Administration Corp increased its PPG Industries stake by 253.1% in the first quarter, bringing its holdings to 30,129 shares valued at approximately $3.22 million. Institutional investors collectively own 81.86% of PPG’s outstanding stock.
• PPG reported quarterly EPS of $1.83, exceeding estimates of $1.78, while revenue rose 6.7% year over year to $3.93 billion. The company also raised its quarterly dividend to $0.74, representing an annualized yield of about 2.5%.
• PPG shares recently traded at $118.61, up 2.3%, while analysts maintained a consensus “Hold” rating and an average price target of $126.13.

OMERS ADMINISTRATION Corp grew its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 253.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,129 shares of the specialty chemicals company's stock after acquiring an additional 21,596 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in PPG Industries were worth $3,220,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its stake in PPG Industries by 9.1% during the 4th quarter. Brighton Jones LLC now owns 4,075 shares of the specialty chemicals company's stock worth $487,000 after purchasing an additional 339 shares during the period. Integrated Wealth Concepts LLC increased its stake in PPG Industries by 31.4% in the first quarter. Integrated Wealth Concepts LLC now owns 3,849 shares of the specialty chemicals company's stock valued at $421,000 after purchasing an additional 920 shares during the period. Empowered Funds LLC raised its holdings in shares of PPG Industries by 6.1% in the first quarter. Empowered Funds LLC now owns 26,354 shares of the specialty chemicals company's stock valued at $2,882,000 after buying an additional 1,526 shares during the last quarter. Woodline Partners LP raised its holdings in shares of PPG Industries by 40.7% in the first quarter. Woodline Partners LP now owns 19,600 shares of the specialty chemicals company's stock valued at $2,143,000 after buying an additional 5,667 shares during the last quarter. Finally, Cresset Asset Management LLC boosted its stake in shares of PPG Industries by 6.2% during the second quarter. Cresset Asset Management LLC now owns 6,346 shares of the specialty chemicals company's stock worth $722,000 after buying an additional 371 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Stock Up 2.3%

PPG Industries stock opened at $118.61 on Tuesday. The stock's 50 day moving average price is $116.08 and its 200 day moving average price is $113.44. PPG Industries, Inc. has a 1-year low of $93.39 and a 1-year high of $133.43. The company has a market cap of $26.44 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 1.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.61 and a quick ratio of 1.17.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.05. PPG Industries had a return on equity of 21.68% and a net margin of 9.83%.The firm had revenue of $3.93 billion during the quarter, compared to analysts' expectations of $3.85 billion. During the same quarter in the prior year, the business posted $1.72 earnings per share. PPG Industries's revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts predict that PPG Industries, Inc. will post 7.93 EPS for the current fiscal year.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be issued a $0.74 dividend. The ex-dividend date is Monday, August 10th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from PPG Industries's previous quarterly dividend of $0.71. PPG Industries's payout ratio is 42.23%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PPG. UBS Group raised their price target on PPG Industries from $110.00 to $116.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. BMO Capital Markets decreased their price objective on PPG Industries from $140.00 to $138.00 and set an "outperform" rating for the company in a research report on Monday, July 6th. The Goldman Sachs Group cut their price target on PPG Industries from $134.00 to $130.00 in a research note on Friday, May 1st. Bank of America raised PPG Industries from a "neutral" rating to a "buy" rating and increased their price target for the stock from $127.00 to $134.00 in a report on Friday, July 17th. Finally, Wall Street Zen upgraded shares of PPG Industries from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, PPG Industries has a consensus rating of "Hold" and a consensus price target of $126.13.

About PPG Industries

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG's product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.

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