Palouse Capital Management Inc. Buys Shares of 5,341 PPG Industries, Inc. (NYSE:PPG)

Palouse Capital Management Inc. purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 5,341 shares of the specialty chemicals company’s stock, valued at approximately $672,000.

A number of other institutional investors have also modified their holdings of PPG. Vanguard Group Inc. grew its stake in PPG Industries by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after acquiring an additional 4,222,402 shares during the period. Putnam Investments LLC grew its position in shares of 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 purchasing an additional 81,200 shares during the period. Dimensional Fund Advisors LP increased its stake in PPG Industries by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock valued at $276,576,000 after purchasing an additional 368,410 shares during the last quarter. Boston Partners boosted its stake in PPG Industries by 4.9% in the 1st quarter. Boston Partners now owns 1,713,126 shares of the specialty chemicals company’s stock worth $248,172,000 after buying an additional 80,710 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in PPG Industries by 1.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,287,925 shares of the specialty chemicals company’s stock worth $192,609,000 after buying an additional 17,767 shares during the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

Wall Street Analyst Weigh In

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

PPG Industries Stock Performance

NYSE PPG opened at $127.46 on Thursday. The company’s fifty day simple moving average is $125.80 and its 200-day simple moving average is $130.95. The stock has a market cap of $29.89 billion, a P/E ratio of 21.53, a PEG ratio of 1.69 and a beta of 1.26. PPG Industries, Inc. has a 52 week low of $118.07 and a 52 week high of $151.16. The company has a current ratio of 1.49, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.02. The company had revenue of $4.79 billion during 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 firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.25 EPS. Equities research analysts predict 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 was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were issued a dividend of $0.68 per share. The ex-dividend date was Monday, August 12th. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 annualized dividend and a yield of 2.13%. PPG Industries’s payout ratio is currently 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.