Crossmark Global Holdings Inc. cut its stake in PPG Industries, Inc. (NYSE:PPG) by 6.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,125 shares of the specialty chemicals company’s stock after selling 1,409 shares during the period. Crossmark Global Holdings Inc.’s holdings in PPG Industries were worth $2,415,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Cornerstone Wealth Management LLC bought a new stake in PPG Industries in the 2nd quarter valued at $105,000. Fort L.P. bought a new position in shares of PPG Industries during the 2nd quarter worth about $120,000. Investment Counselors of Maryland LLC bought a new position in shares of PPG Industries during the 3rd quarter worth about $158,000. Qube Research & Technologies Ltd bought a new position in shares of PPG Industries during the 2nd quarter worth about $167,000. Finally, CWM LLC lifted its holdings in shares of PPG Industries by 47.6% during the 3rd quarter. CWM LLC now owns 1,672 shares of the specialty chemicals company’s stock worth $182,000 after acquiring an additional 539 shares during the period. 78.05% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on PPG shares. ValuEngine downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. BMO Capital Markets reduced their price objective on shares of PPG Industries from $116.00 to $107.00 and set a “hold” rating for the company in a report on Friday, October 19th. Goldman Sachs Group raised shares of PPG Industries from a “buy” rating to a “conviction-buy” rating in a report on Monday, October 29th. Northcoast Research set a $114.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a report on Tuesday, October 9th. Finally, KeyCorp reduced their price objective on shares of PPG Industries from $128.00 to $119.00 and set an “overweight” rating for the company in a report on Friday, October 12th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $117.81.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.45. PPG Industries had a net margin of 8.34% and a return on equity of 27.83%. The firm had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same period last year, the firm posted $1.52 EPS. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts expect that PPG Industries, Inc. will post 5.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 12th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Thursday, November 8th. PPG Industries’s dividend payout ratio is currently 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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