Macquarie Group Ltd. boosted its stake in PPG Industries, Inc. (NYSE:PPG) by 0.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 139,042 shares of the specialty chemicals company’s stock after purchasing an additional 1,204 shares during the period. Macquarie Group Ltd. owned about 0.06% of PPG Industries worth $14,424,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in PPG. Massachusetts Financial Services Co. MA increased its stake in shares of PPG Industries by 15.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 22,112,913 shares of the specialty chemicals company’s stock worth $2,293,772,000 after acquiring an additional 2,995,436 shares during the period. BlackRock Inc. grew its position in PPG Industries by 0.6% during the first quarter. BlackRock Inc. now owns 15,027,286 shares of the specialty chemicals company’s stock worth $1,677,045,000 after buying an additional 83,572 shares during the period. Parnassus Investments CA grew its position in PPG Industries by 68.1% during the second quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock worth $441,520,000 after buying an additional 1,724,631 shares during the period. Aristotle Capital Management LLC lifted its holdings in shares of PPG Industries by 6.5% in the first quarter. Aristotle Capital Management LLC now owns 3,401,374 shares of the specialty chemicals company’s stock valued at $379,593,000 after purchasing an additional 208,087 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of PPG Industries by 1.4% in the second quarter. Wells Fargo & Company MN now owns 3,379,358 shares of the specialty chemicals company’s stock valued at $350,542,000 after purchasing an additional 46,243 shares in the last quarter. 76.64% of the stock is owned by institutional investors and hedge funds.
Several brokerages have issued reports on PPG. KeyCorp reduced their price target on shares of PPG Industries from $128.00 to $119.00 and set an “overweight” rating on the stock in a report on Friday. Citigroup reduced their price target on shares of PPG Industries from $113.00 to $103.00 and set a “neutral” rating on the stock in a report on Thursday. Royal Bank of Canada reduced their price target on shares of PPG Industries to $105.00 and set a “sector perform” rating on the stock in a report on Wednesday. Northcoast Research set a $114.00 price objective on shares of PPG Industries and gave the company a “buy” rating in a research note on Tuesday. Finally, ValuEngine downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the stock. PPG Industries currently has an average rating of “Hold” and an average target price of $118.71.
Shares of PPG Industries stock traded down $1.29 during trading hours on Friday, hitting $95.09. The company’s stock had a trading volume of 2,350,359 shares, compared to its average volume of 1,696,030. The firm has a market capitalization of $26.41 billion, a P/E ratio of 16.20, a PEG ratio of 2.11 and a beta of 1.50. PPG Industries, Inc. has a 1-year low of $94.40 and a 1-year high of $122.07. The company has a quick ratio of 1.22, a current ratio of 1.70 and a debt-to-equity ratio of 1.01.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.02. The business had revenue of $4.13 billion during the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned $1.83 EPS. On average, research analysts expect that PPG Industries, Inc. will post 6.2 EPS for the current fiscal year.
PPG Industries Profile
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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