Concurrent Investment Advisors LLC Raises Position in PPG Industries, Inc. (NYSE:PPG)

Concurrent Investment Advisors LLC raised its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 266.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 5,452 shares of the specialty chemicals company’s stock after purchasing an additional 3,966 shares during the period. Concurrent Investment Advisors LLC’s holdings in PPG Industries were worth $686,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Connections Group Inc. bought a new position in shares of PPG Industries during the 2nd quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new position in shares of PPG Industries during the 4th quarter valued at $27,000. LifeSteps Financial Inc. bought a new position in PPG Industries in the 1st quarter worth $29,000. YHB Investment Advisors Inc. purchased a new stake in PPG Industries in the 1st quarter worth $29,000. Finally, Richardson Financial Services Inc. bought a new stake in PPG Industries during the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Performance

Shares of PPG Industries stock opened at $129.73 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average is $125.54 and its two-hundred day moving average is $132.18. PPG Industries, Inc. has a 52 week low of $118.07 and a 52 week high of $151.16. The company has a market capitalization of $30.27 billion, a PE ratio of 21.91, a price-to-earnings-growth ratio of 1.75 and a beta of 1.26.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02. The firm had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.93 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.25 earnings per share. As a group, analysts expect that PPG Industries, Inc. will post 8.25 earnings per share for the current year.

PPG Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be issued a $0.68 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.10%. PPG Industries’s payout ratio is presently 45.95%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PPG shares. KeyCorp lowered their price target on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Citigroup cut their target price on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. UBS Group boosted their price target on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Barclays cut their price objective on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, July 22nd. Finally, Bank of America decreased their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $151.08.

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.