Bank of New York Mellon Corp Has $316,425,000 Position in PPG Industries Inc. (PPG)
Bank of New York Mellon Corp increased its position in shares of PPG Industries Inc. (NYSE:PPG) by 8.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,061,387 shares of the company’s stock after buying an additional 245,768 shares during the period. Bank of New York Mellon Corp owned about 1.16% of PPG Industries worth $316,425,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cornerstone Advisors Inc. increased its position in PPG Industries by 1,076.4% in the third quarter. Cornerstone Advisors Inc. now owns 1,047 shares of the company’s stock worth $108,000 after buying an additional 958 shares during the period. Cable Hill Partners LLC increased its position in PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock worth $142,000 after buying an additional 25 shares during the period. Ropes Wealth Advisors LLC increased its position in PPG Industries by 2.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,697 shares of the company’s stock worth $177,000 after buying an additional 37 shares during the period. Checchi Capital Advisers LLC increased its position in PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock worth $202,000 after buying an additional 59 shares during the period. Finally, Concert Wealth Management Inc. increased its position in PPG Industries by 9.2% in the second quarter. Concert Wealth Management Inc. now owns 1,969 shares of the company’s stock worth $203,000 after buying an additional 166 shares during the period. 71.24% of the stock is owned by institutional investors and hedge funds.
Shares of PPG Industries Inc. (NYSE:PPG) opened at 97.35 on Tuesday. The company has a market capitalization of $25.70 billion, a PE ratio of 30.92 and a beta of 1.40. The company has a 50-day moving average price of $94.15 and a 200 day moving average price of $102.54. PPG Industries Inc. has a one year low of $88.37 and a one year high of $117.00.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, October 20th. The company reported $1.56 EPS for the quarter, hitting the consensus estimate of $1.56. PPG Industries had a return on equity of 30.59% and a net margin of 5.56%. The business earned $3.80 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter last year, the company earned $1.61 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. Equities analysts anticipate that PPG Industries Inc. will post $5.91 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Thursday, November 10th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 1.64%. PPG Industries’s payout ratio is currently 51.12%.
PPG has been the subject of a number of analyst reports. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $111.00 price target (down previously from $119.00) on shares of PPG Industries in a research note on Thursday, October 13th. JPMorgan Chase & Co. set a $110.00 price target on PPG Industries and gave the company a “buy” rating in a research note on Monday, October 10th. Citigroup Inc. lowered their target price on PPG Industries from $131.00 to $112.00 and set a “buy” rating for the company in a research note on Tuesday, October 11th. Credit Suisse Group AG reissued a “buy” rating and set a $115.00 target price on shares of PPG Industries in a research note on Tuesday, August 9th. Finally, Jefferies Group reissued a “buy” rating and set a $129.00 target price on shares of PPG Industries in a research note on Wednesday, October 5th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. PPG Industries presently has a consensus rating of “Buy” and a consensus price target of $113.42.
About PPG Industries
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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