Bank of New York Mellon Corp Decreases Holdings in PPG Industries, Inc. (PPG)

Bank of New York Mellon Corp lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 8.0% during the second quarter, Holdings Channel reports. The institutional investor owned 2,397,846 shares of the specialty chemicals company’s stock after selling 207,790 shares during the period. Bank of New York Mellon Corp’s holdings in PPG Industries were worth $248,729,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of PPG. State Board of Administration of Florida Retirement System grew its stake in shares of PPG Industries by 1.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 363,094 shares of the specialty chemicals company’s stock worth $37,664,000 after purchasing an additional 6,402 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of PPG Industries by 47.5% in the second quarter. Teacher Retirement System of Texas now owns 83,076 shares of the specialty chemicals company’s stock worth $8,617,000 after purchasing an additional 26,753 shares during the last quarter. Rhumbline Advisers grew its stake in shares of PPG Industries by 3.4% in the second quarter. Rhumbline Advisers now owns 460,181 shares of the specialty chemicals company’s stock worth $47,735,000 after purchasing an additional 15,184 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of PPG Industries by 0.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,289 shares of the specialty chemicals company’s stock worth $6,772,000 after purchasing an additional 597 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in shares of PPG Industries by 8.1% in the second quarter. Nomura Asset Management Co. Ltd. now owns 46,681 shares of the specialty chemicals company’s stock worth $4,842,000 after purchasing an additional 3,513 shares during the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently weighed in on PPG shares. KeyCorp reduced their price objective on shares of PPG Industries from $130.00 to $128.00 and set a “$104.41” rating on the stock in a research note on Monday, July 23rd. Robert W. Baird reissued a “buy” rating and issued a $125.00 price objective on shares of PPG Industries in a research note on Friday, April 20th. Goldman Sachs Group raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 price objective on the stock in a research note on Wednesday, July 25th. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Friday, June 15th. Finally, Royal Bank of Canada restated a “hold” rating on shares of PPG Industries in a report on Tuesday, April 24th. Thirteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. PPG Industries currently has an average rating of “Hold” and a consensus target price of $122.29.

PPG stock opened at $107.90 on Friday. The firm has a market capitalization of $26.01 billion, a P/E ratio of 18.38, a PEG ratio of 2.07 and a beta of 1.51. The company has a current ratio of 1.70, a quick ratio of 1.22 and a debt-to-equity ratio of 1.01. PPG Industries, Inc. has a 12-month low of $100.36 and a 12-month high of $122.07.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.02. The business had revenue of $4.13 billion for 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%. PPG Industries’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 earnings per share. equities analysts anticipate that PPG Industries, Inc. will post 6.2 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Investors of record on Friday, August 10th will be issued a $0.48 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 9th. This represents a $1.92 annualized dividend and a yield of 1.78%. PPG Industries’s payout ratio is presently 32.71%.

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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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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