Berman Capital Advisors LLC grew its stake in PPG Industries, Inc. (NYSE:PPG) by 49.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 323 shares of the specialty chemicals company’s stock after buying an additional 107 shares during the quarter. Berman Capital Advisors LLC’s holdings in PPG Industries were worth $36,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. TD Asset Management Inc. increased its position in PPG Industries by 0.9% in the fourth quarter. TD Asset Management Inc. now owns 72,609 shares of the specialty chemicals company’s stock worth $7,423,000 after buying an additional 616 shares in the last quarter. Putnam FL Investment Management Co. bought a new position in shares of PPG Industries in the fourth quarter worth about $213,000. Janney Montgomery Scott LLC boosted its stake in shares of PPG Industries by 1.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 126,124 shares of the specialty chemicals company’s stock worth $12,894,000 after acquiring an additional 1,867 shares during the period. Quantamental Technologies LLC bought a new position in shares of PPG Industries in the fourth quarter worth about $45,000. Finally, Bank of Edwardsville bought a new position in shares of PPG Industries in the first quarter worth about $260,000. Institutional investors and hedge funds own 78.81% of the company’s stock.
In related news, Director Victoria F. Haynes sold 674 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $107.16, for a total transaction of $72,225.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.37% of the stock is currently owned by corporate insiders.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.17. PPG Industries had a return on equity of 28.72% and a net margin of 8.67%. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.69 billion. During the same period in the prior year, the company earned $1.39 earnings per share. The firm’s revenue was down 4.2% on a year-over-year basis. Research analysts predict that PPG Industries, Inc. will post 6.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Thursday, May 9th. PPG Industries’s payout ratio is presently 32.43%.
A number of equities analysts have recently weighed in on PPG shares. JPMorgan Chase & Co. lowered PPG Industries from a “neutral” rating to an “underweight” rating and set a $106.00 price objective for the company. in a research note on Friday, March 22nd. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research note on Thursday, March 28th. KeyCorp upped their price objective on PPG Industries from $117.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. Deutsche Bank upped their price objective on PPG Industries from $120.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. They noted that the move was a valuation call. Finally, Buckingham Research upped their price objective on PPG Industries from $108.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. PPG Industries presently has a consensus rating of “Hold” and a consensus target price of $117.89.
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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