Principal Financial Group Inc. Has $81.05 Million Position in PPG Industries, Inc. (NYSE:PPG)

Principal Financial Group Inc. lessened its position in shares of PPG Industries, Inc. (NYSE:PPG) by 4.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 643,829 shares of the specialty chemicals company’s stock after selling 27,858 shares during the quarter. Principal Financial Group Inc. owned approximately 0.28% of PPG Industries worth $81,052,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PPG. Vanguard Group Inc. raised its stake in PPG Industries by 17.2% during the first quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after buying an additional 4,222,402 shares during the last quarter. Norges Bank bought a new stake in PPG Industries in the fourth quarter worth approximately $554,685,000. Putnam Investments LLC lifted its stake in PPG Industries by 3.1% in the fourth quarter. Putnam Investments LLC now owns 2,659,974 shares of the specialty chemicals company’s stock valued at $397,799,000 after buying an additional 81,200 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of PPG Industries by 37.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock worth $270,876,000 after buying an additional 496,998 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of PPG Industries by 30.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,768,094 shares of the specialty chemicals company’s stock valued at $264,424,000 after acquiring an additional 417,145 shares in the last quarter. Institutional investors own 81.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PPG shares. UBS Group raised their price target on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Bank of America reduced their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. KeyCorp dropped their price target on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Royal Bank of Canada reduced their price objective on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 23rd. Finally, Barclays cut their target price on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $151.08.

PPG Industries Stock Performance

Shares of PPG stock opened at $129.72 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05. The firm has a 50-day moving average of $125.49 and a 200-day moving average of $132.45. PPG Industries, Inc. has a one year low of $118.07 and a one year high of $151.16. The company has a market cap of $30.42 billion, a P/E ratio of 21.91, a P/E/G ratio of 1.65 and a beta of 1.26.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.48 by $0.02. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same quarter last year, the business posted $2.25 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities research analysts forecast that PPG Industries, Inc. will post 8.25 EPS for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Monday, August 12th. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio is 45.95%.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.