Russell Investments Group Ltd. decreased its holdings in PPG Industries, Inc. (NYSE:PPG) by 20.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,699 shares of the specialty chemicals company’s stock after selling 12,845 shares during the period. Russell Investments Group Ltd.’s holdings in PPG Industries were worth $5,529,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of PPG. Cornerstone Wealth Management LLC bought a new position in PPG Industries in the second quarter worth approximately $105,000. Fort L.P. bought a new position in PPG Industries in the second quarter worth approximately $120,000. Qube Research & Technologies Ltd bought a new position in PPG Industries in the second quarter worth approximately $167,000. Bennicas & Associates Inc. bought a new position in PPG Industries in the third quarter worth approximately $205,000. Finally, Atria Investments LLC bought a new position in PPG Industries in the third quarter worth approximately $228,000. 78.05% of the stock is owned by institutional investors.
Shares of PPG stock opened at $107.29 on Friday. The firm has a market cap of $25.62 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 2.21 and a beta of 1.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.22 and a current ratio of 1.71. PPG Industries, Inc. has a 12-month low of $94.37 and a 12-month high of $122.07.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 12th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Thursday, November 8th. PPG Industries’s payout ratio is 32.71%.
A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price objective for the company. in a research note on Friday, July 27th. They noted that the move was a valuation call. Deutsche Bank upped their price target on PPG Industries from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, November 1st. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research report on Monday, October 8th. Credit Suisse Group reaffirmed a “neutral” rating and set a $119.00 price target on shares of PPG Industries in a research report on Monday, September 24th. Finally, KeyCorp reduced their price target on 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 equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. PPG Industries presently has an average rating of “Hold” and an average target price of $117.81.
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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