Macquarie Group Ltd. Reduces Position in PPG Industries Inc. (PPG)
Macquarie Group Ltd. cut its position in shares of PPG Industries Inc. (NYSE:PPG) by 3.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 162,851 shares of the company’s stock after selling 6,251 shares during the period. Macquarie Group Ltd. owned approximately 0.06% of PPG Industries worth $16,961,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can bought a new stake in PPG Industries during the second quarter worth $61,750,000. Emerald Acquisition Ltd. bought a new stake in PPG Industries during the second quarter worth $52,722,000. Public Employees Retirement Association of Colorado increased its stake in PPG Industries by 744.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 506,068 shares of the company’s stock worth $52,707,000 after buying an additional 446,151 shares during the last quarter. RidgeWorth Capital Management LLC increased its stake in PPG Industries by 360.5% in the second quarter. RidgeWorth Capital Management LLC now owns 569,606 shares of the company’s stock worth $59,536,000 after buying an additional 445,926 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in PPG Industries by 33.5% in the second quarter. American Century Companies Inc. now owns 1,736,674 shares of the company’s stock worth $180,875,000 after buying an additional 435,308 shares during the last quarter. 71.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PPG Industries Inc. (NYSE:PPG) traded down 0.66% during midday trading on Monday, hitting $97.48. The stock had a trading volume of 763,530 shares. PPG Industries Inc. has a 1-year low of $88.37 and a 1-year high of $117.00. The firm’s 50-day moving average price is $94.05 and its 200-day moving average price is $102.69. The stock has a market cap of $25.73 billion, a price-to-earnings ratio of 30.97 and a beta of 1.40.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 20th. The company reported $1.56 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.56. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.83 billion. PPG Industries had a return on equity of 30.59% and a net margin of 5.56%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.61 EPS. Analysts forecast that PPG Industries Inc. will post $5.91 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Thursday, November 10th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Tuesday, November 8th. PPG Industries’s payout ratio is 51.12%.
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A number of research firms have recently weighed in on PPG. TheStreet downgraded PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, November 21st. Goldman Sachs Group Inc. reiterated a “buy” rating and set a $111.00 target price (down from $119.00) on shares of PPG Industries in a research report on Thursday, October 13th. Citigroup Inc. cut their target price on PPG Industries from $131.00 to $112.00 and set a “buy” rating for the company in a research report on Tuesday, October 11th. Argus downgraded PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, October 25th. Finally, Jefferies Group reiterated a “buy” rating and set a $113.00 target price (down from $129.00) on shares of PPG Industries in a research report on Monday, October 24th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $113.42.
PPG Industries Company Profile
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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