Ledyard National Bank raised its position in PPG Industries, Inc. (NYSE:PPG) by 10.9% during the first quarter, Holdings Channel reports. The firm owned 3,044 shares of the specialty chemicals company’s stock after buying an additional 300 shares during the period. Ledyard National Bank’s holdings in PPG Industries were worth $320,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Cable Hill Partners LLC increased its position in shares of PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock worth $103,000 after buying an additional 77 shares in the last quarter. First Command Bank bought a new position in shares of PPG Industries during the fourth quarter worth approximately $137,000. Massmutual Trust Co. FSB ADV bought a new position in shares of PPG Industries during the fourth quarter worth approximately $137,000. SRB Corp increased its position in shares of PPG Industries by 11.0% in the third quarter. SRB Corp now owns 1,471 shares of the specialty chemicals company’s stock worth $152,000 after buying an additional 146 shares in the last quarter. Finally, SevenBridge Financial Group LLC increased its position in shares of PPG Industries by 757.4% in the third quarter. SevenBridge Financial Group LLC now owns 1,852 shares of the specialty chemicals company’s stock worth $171,000 after buying an additional 1,636 shares in the last quarter. Institutional investors own 71.49% of the company’s stock.
PPG Industries, Inc. (NYSE:PPG) traded up 1.31% during midday trading on Thursday, hitting $106.38. The stock had a trading volume of 1,525,595 shares. The firm has a market cap of $27.35 billion, a PE ratio of 32.42 and a beta of 1.39. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $114.65. The stock has a 50-day moving average price of $104.24 and a 200 day moving average price of $98.93.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, April 20th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.03. The company had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.53 billion. PPG Industries had a return on equity of 29.94% and a net margin of 5.84%. PPG Industries’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.31 earnings per share. On average, analysts predict that PPG Industries, Inc. will post $6.23 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 12th. Stockholders of record on Wednesday, May 10th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.52%. PPG Industries’s dividend payout ratio (DPR) is presently 48.93%.
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A number of brokerages have recently commented on PPG. Wells Fargo & Co downgraded PPG Industries from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 9th. Jefferies Group LLC reissued a “buy” rating and set a $120.00 price objective (up from $113.00) on shares of PPG Industries in a research report on Tuesday. Citigroup Inc reissued a “market perform” rating on shares of PPG Industries in a research report on Friday, April 14th. Atlantic Securities raised PPG Industries from a “neutral” rating to an “overweight” rating and set a $125.00 price objective for the company in a research report on Wednesday, March 15th. Finally, Evercore ISI began coverage on PPG Industries in a research report on Monday, February 13th. They set a “buy” rating and a $117.00 price objective for the company. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $114.21.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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