Tiaa Fsb reduced its position in shares of PPG Industries, Inc. (NYSE:PPG) by 5.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,457 shares of the specialty chemicals company’s stock after selling 1,523 shares during the quarter. Tiaa Fsb’s holdings in PPG Industries were worth $2,986,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Paragon Capital Management LLC purchased a new stake in shares of PPG Industries during the 1st quarter worth about $29,000. Taylor Hoffman Wealth Management purchased a new position in PPG Industries in the 4th quarter valued at about $27,000. Capital Financial Planning LLC purchased a new position in PPG Industries in the 4th quarter valued at about $31,000. CX Institutional lifted its stake in PPG Industries by 797.4% in the 1st quarter. CX Institutional now owns 341 shares of the specialty chemicals company’s stock valued at $38,000 after buying an additional 303 shares in the last quarter. Finally, Ipswich Investment Management Co. Inc. purchased a new position in PPG Industries in the 4th quarter valued at about $41,000. 79.73% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on PPG. JPMorgan Chase & Co. lowered shares of PPG Industries from a “neutral” rating to an “underweight” rating and set a $106.00 price target on the stock. in a research note on Friday, March 22nd. Zacks Investment Research reaffirmed a “hold” rating on shares of PPG Industries in a research note on Monday, December 31st. Royal Bank of Canada raised shares of PPG Industries from a “sector perform” rating to an “outperform” rating and set a $96.43 price target on the stock in a research note on Thursday, December 20th. Credit Suisse Group reaffirmed a “hold” rating and issued a $115.00 price target on shares of PPG Industries in a research note on Thursday, January 17th. Finally, KeyCorp raised their price target on shares of PPG Industries from $117.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. PPG Industries has a consensus rating of “Hold” and a consensus target price of $117.34.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, January 17th. The specialty chemicals company reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.05. The company had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $3.65 billion. PPG Industries had a net margin of 8.84% and a return on equity of 28.47%. PPG Industries’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 EPS. On average, sell-side analysts expect that PPG Industries, Inc. will post 6.22 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Friday, February 22nd were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.62%. PPG Industries’s payout ratio is 32.43%.
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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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