Arizona State Retirement System Has $8.59 Million Position in PPG Industries, Inc. (NYSE:PPG)

Arizona State Retirement System lifted its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 0.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 68,232 shares of the specialty chemicals company’s stock after acquiring an additional 564 shares during the period. Arizona State Retirement System’s holdings in PPG Industries were worth $8,590,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. lifted its position in shares of PPG Industries by 3.2% during the 2nd quarter. Victory Capital Management Inc. now owns 401,389 shares of the specialty chemicals company’s stock valued at $50,531,000 after acquiring an additional 12,578 shares during the period. Nicholas Hoffman & Company LLC. lifted its position in shares of PPG Industries by 2.5% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 15,596 shares of the specialty chemicals company’s stock valued at $1,963,000 after acquiring an additional 384 shares during the period. TD Asset Management Inc lifted its position in shares of PPG Industries by 49.7% during the 2nd quarter. TD Asset Management Inc now owns 153,840 shares of the specialty chemicals company’s stock valued at $19,367,000 after acquiring an additional 51,049 shares during the period. Mattern Capital Management LLC lifted its position in shares of PPG Industries by 1.5% during the 2nd quarter. Mattern Capital Management LLC now owns 59,717 shares of the specialty chemicals company’s stock valued at $7,518,000 after acquiring an additional 876 shares during the period. Finally, Larson Financial Group LLC increased its stake in PPG Industries by 9.9% during the 2nd quarter. Larson Financial Group LLC now owns 2,319 shares of the specialty chemicals company’s stock valued at $292,000 after purchasing an additional 209 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on PPG shares. UBS Group boosted their price target on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Citigroup decreased their price target 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. Bank of America decreased their price target on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Royal Bank of Canada decreased their price target on shares of 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 decreased their price target on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, July 22nd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $151.08.

PPG Industries Price Performance

PPG opened at $124.78 on Friday. The firm has a market cap of $29.26 billion, a P/E ratio of 21.08, a PEG ratio of 1.75 and a beta of 1.26. The firm has a 50-day moving average of $125.61 and a 200 day moving average of $131.81. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. PPG Industries, Inc. has a fifty-two week low of $118.07 and a fifty-two week high of $151.16.

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

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be given a dividend of $0.68 per share. The ex-dividend date is Monday, August 12th. This represents a $2.72 annualized dividend and a yield of 2.18%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio is presently 45.95%.

PPG Industries 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.