Carderock Capital Management Inc. Sells 775 Shares of PPG Industries, Inc. (PPG)
Carderock Capital Management Inc. trimmed its position in PPG Industries, Inc. (NYSE:PPG) by 6.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,165 shares of the specialty chemicals company’s stock after selling 775 shares during the quarter. Carderock Capital Management Inc.’s holdings in PPG Industries were worth $1,322,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Verity & Verity LLC raised its stake in shares of PPG Industries by 0.9% in the third quarter. Verity & Verity LLC now owns 60,816 shares of the specialty chemicals company’s stock valued at $6,609,000 after purchasing an additional 534 shares in the last quarter. Polaris Greystone Financial Group LLC acquired a new position in shares of PPG Industries in the second quarter valued at $1,518,000. AXA raised its stake in shares of PPG Industries by 47.4% in the second quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock valued at $91,122,000 after purchasing an additional 266,457 shares in the last quarter. Great Lakes Advisors LLC raised its stake in PPG Industries by 214.1% during the second quarter. Great Lakes Advisors LLC now owns 6,662 shares of the specialty chemicals company’s stock worth $733,000 after acquiring an additional 4,541 shares in the last quarter. Finally, LS Investment Advisors LLC raised its stake in PPG Industries by 3.4% during the third quarter. LS Investment Advisors LLC now owns 23,972 shares of the specialty chemicals company’s stock worth $2,605,000 after acquiring an additional 784 shares in the last quarter. Institutional investors and hedge funds own 75.09% of the company’s stock.
Several research analysts have issued reports on the company. Wells Fargo & Company reiterated a “market perform” rating and set a $120.00 price objective (up from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research note on Monday, November 27th. Citigroup increased their price objective on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Robert W. Baird increased their price objective on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. Finally, Bank of America set a $120.00 price objective on PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and a consensus target price of $119.40.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The company had revenue of $3.78 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the company posted $1.56 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. analysts predict that PPG Industries, Inc. will post 5.9 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th will be paid a $0.45 dividend. The ex-dividend date is Thursday, November 9th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is presently 35.86%.
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PPG Industries Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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