Manning & Napier Group LLC trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) by 14.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,121 shares of the specialty chemicals company’s stock after selling 12,067 shares during the quarter. Manning & Napier Group LLC’s holdings in PPG Industries were worth $10,786,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PPG. Moneta Group Investment Advisors LLC boosted its holdings in shares of PPG Industries by 163,082.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,157,889 shares of the specialty chemicals company’s stock worth $522,813,000 after purchasing an additional 4,155,341 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of PPG Industries by 602,706.2% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,640,291 shares of the specialty chemicals company’s stock worth $331,994,000 after purchasing an additional 2,639,853 shares in the last quarter. Norges Bank purchased a new position in shares of PPG Industries in the 4th quarter worth about $318,155,000. First Trust Advisors LP boosted its holdings in shares of PPG Industries by 280.6% in the 1st quarter. First Trust Advisors LP now owns 1,734,894 shares of the specialty chemicals company’s stock worth $227,393,000 after purchasing an additional 1,279,104 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of PPG Industries by 41.1% in the 3rd quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock worth $427,580,000 after purchasing an additional 959,849 shares in the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.
PPG Industries Trading Up 0.2 %
PPG traded up $0.36 during midday trading on Friday, reaching $144.90. 1,532,965 shares of the company’s stock traded hands, compared to its average volume of 1,816,500. PPG Industries, Inc. has a 52 week low of $120.32 and a 52 week high of $152.89. The stock has a market capitalization of $34.10 billion, a price-to-earnings ratio of 27.13, a P/E/G ratio of 1.43 and a beta of 1.28. The firm has a fifty day moving average of $141.32 and a two-hundred day moving average of $138.19. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.
PPG Industries (NYSE:PPG – Get Free Report) last announced its earnings results on Friday, January 19th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.04. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.27 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. On average, equities analysts anticipate that PPG Industries, Inc. will post 8.45 earnings per share for the current fiscal year.
PPG Industries Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Thursday, February 15th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Thursday, February 15th. PPG Industries’s dividend payout ratio is currently 48.69%.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on PPG. Robert W. Baird reiterated an “outperform” rating and issued a $150.00 price objective on shares of PPG Industries in a report on Friday, January 19th. Royal Bank of Canada dropped their target price on PPG Industries from $158.00 to $156.00 and set a “sector perform” rating for the company in a report on Monday, January 22nd. Wells Fargo & Company increased their target price on PPG Industries from $140.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday, January 9th. KeyCorp increased their target price on PPG Industries from $166.00 to $167.00 and gave the company an “overweight” rating in a report on Tuesday, January 9th. Finally, Vertical Research upgraded PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating,…
Read More: PPG Industries, Inc. (NYSE:PPG) Shares Sold by Manning & Napier Group LLC