CIBC World Markets Inc. raised its position in shares of PPG Industries, Inc. (NYSE:PPG) by 30.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,594 shares of the specialty chemicals company’s stock after acquiring an additional 3,627 shares during the period. CIBC World Markets Inc.’s holdings in PPG Industries were worth $1,702,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Cornerstone Wealth Management LLC acquired a new position in PPG Industries in the second quarter valued at about $105,000. Raymond James Financial Services Advisors Inc. lifted its position in PPG Industries by 3.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 59,708 shares of the specialty chemicals company’s stock valued at $6,194,000 after buying an additional 2,247 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in PPG Industries by 6.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 797,162 shares of the specialty chemicals company’s stock valued at $82,690,000 after buying an additional 51,380 shares during the last quarter. Comerica Bank lifted its position in PPG Industries by 10.6% in the second quarter. Comerica Bank now owns 137,428 shares of the specialty chemicals company’s stock valued at $14,486,000 after buying an additional 13,150 shares during the last quarter. Finally, Smith Asset Management Group LP lifted its position in PPG Industries by 2.0% in the second quarter. Smith Asset Management Group LP now owns 70,241 shares of the specialty chemicals company’s stock valued at $7,286,000 after buying an additional 1,370 shares during the last quarter. Institutional investors own 78.05% of the company’s stock.
Shares of PPG opened at $109.33 on Friday. The stock has a market cap of $26.02 billion, a PE ratio of 18.63, a price-to-earnings-growth ratio of 2.24 and a beta of 1.36. PPG Industries, Inc. has a 1 year low of $94.37 and a 1 year high of $122.07. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.22 and a current ratio of 1.71.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 12th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.92 annualized dividend and a dividend yield of 1.76%. PPG Industries’s dividend payout ratio is presently 32.71%.
PPG has been the topic of a number of recent analyst reports. ValuEngine cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. BMO Capital Markets decreased their target price on shares of PPG Industries from $116.00 to $107.00 and set a “hold” rating on the stock in a research report on Friday, October 19th. Goldman Sachs Group raised shares of PPG Industries from a “buy” rating to a “conviction-buy” rating in a research report on Monday, October 29th. Northcoast Research set a $114.00 price target on shares of PPG Industries and gave the stock a “buy” rating in a research report on Tuesday, October 9th. Finally, 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 research report on Friday, October 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $119.00.
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PPG Industries Company 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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