Vanguard Group Inc. Cuts Holdings in PPG Industries, Inc. (NYSE:PPG)

Key Points

• Vanguard Group Inc. reduced its holdings in PPG Industries by 1.0%, now owning approximately 12.81% of the company, valued at around $3.18 billion.
• PPG Industries has seen varying analyst ratings, with Royal Bank Of Canada raising its price target to $117.00 and Citigroup increasing it to $130.00, indicating a consensus rating of "Moderate Buy."
• The company recently announced an increase in its quarterly dividend to $0.71 per share, reflecting a positive change from the previous $0.68 and resulting in a 2.7% yield.

Vanguard Group Inc. decreased its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 1.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,072,809 shares of the specialty chemicals company's stock after selling 296,882 shares during the period. Vanguard Group Inc. owned approximately 12.81% of PPG Industries worth $3,179,112,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PPG. LRI Investments LLC lifted its holdings in shares of PPG Industries by 25.3% in the 4th quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company's stock valued at $54,000 after acquiring an additional 92 shares during the last quarter. Conning Inc. lifted its holdings in shares of PPG Industries by 5.5% in the 1st quarter. Conning Inc. now owns 1,881 shares of the specialty chemicals company's stock valued at $206,000 after acquiring an additional 98 shares during the last quarter. Beacon Capital Management LLC lifted its holdings in shares of PPG Industries by 37.1% in the 1st quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock valued at $41,000 after acquiring an additional 101 shares during the last quarter. Chilton Capital Management LLC lifted its holdings in shares of PPG Industries by 22.6% in the 1st quarter. Chilton Capital Management LLC now owns 576 shares of the specialty chemicals company's stock valued at $63,000 after acquiring an additional 106 shares during the last quarter. Finally, Motco lifted its holdings in shares of PPG Industries by 19.3% in the 1st quarter. Motco now owns 680 shares of the specialty chemicals company's stock valued at $74,000 after acquiring an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

Analyst Ratings Changes

PPG has been the subject of several analyst reports. Royal Bank Of Canada raised their price objective on shares of PPG Industries from $115.00 to $117.00 and gave the stock a "sector perform" rating in a research note on Friday, August 1st. Mizuho raised their price objective on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. decreased their price objective on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Bank of America reissued a "neutral" rating and issued a $126.00 price objective (down previously from $143.00) on shares of PPG Industries in a research note on Tuesday, April 15th. Finally, Citigroup raised their price objective on shares of PPG Industries from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, PPG Industries has a consensus rating of "Moderate Buy" and an average target price of $129.82.

PPG Industries Stock Performance

PPG Industries stock opened at $106.94 on Friday. The company has a market capitalization of $24.14 billion, a PE ratio of 24.25, a P/E/G ratio of 2.19 and a beta of 1.17. The company has a 50 day moving average price of $112.56 and a 200-day moving average price of $111.30. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.42. PPG Industries, Inc. has a fifty-two week low of $90.24 and a fifty-two week high of $137.24.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. PPG Industries's revenue was down .9% compared to the same quarter last year. During the same period last year, the company posted $2.50 earnings per share. As a group, equities analysts forecast that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 11th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, August 11th. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. This represents a $2.84 annualized dividend and a yield of 2.7%. PPG Industries's dividend payout ratio is 61.68%.

PPG Industries Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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