Pictet Asset Management Ltd. reduced its position in shares of PPG Industries, Inc. (NYSE:PPG) by 12.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 199,601 shares of the specialty chemicals company’s stock after selling 28,693 shares during the quarter. Pictet Asset Management Ltd. owned about 0.08% of PPG Industries worth $21,782,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Wealth Management LLC bought a new position in PPG Industries during the 2nd quarter valued at $105,000. Fort L.P. bought a new position in PPG Industries during the 2nd quarter valued at $120,000. Investment Counselors of Maryland LLC bought a new position in PPG Industries during the 3rd quarter valued at $158,000. Qube Research & Technologies Ltd bought a new position in PPG Industries during the 2nd quarter valued at $167,000. Finally, CWM LLC boosted its stake in PPG Industries by 47.6% during the 3rd quarter. CWM LLC now owns 1,672 shares of the specialty chemicals company’s stock valued at $182,000 after purchasing an additional 539 shares in the last quarter. 78.51% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on the company. Vertical Research lowered PPG Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Northcoast Research set a $114.00 price target on PPG Industries and gave the company a “buy” rating in a research note on Tuesday, October 9th. Citigroup decreased their price target on PPG Industries from $113.00 to $103.00 and set a “neutral” rating for the company in a research note on Thursday, October 11th. KeyCorp reduced their price objective on PPG Industries from $128.00 to $119.00 and set an “overweight” rating for the company in a research note on Friday, October 12th. Finally, Credit Suisse Group reduced their price objective on PPG Industries from $119.00 to $115.00 and set a “hold” rating for the company in a research note on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $119.00.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share for the quarter, hitting the consensus estimate of $1.45. The business had revenue of $3.82 billion during the quarter, compared to analyst estimates of $3.81 billion. PPG Industries had a return on equity of 27.83% and a net margin of 8.34%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $1.52 EPS. Equities research analysts forecast that PPG Industries, Inc. will post 5.81 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 12th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Thursday, November 8th. PPG Industries’s dividend payout ratio is presently 32.71%.
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About PPG Industries
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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