Envestnet Asset Management Inc. Reduces Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

Envestnet Asset Management Inc. lowered its position in PPG Industries, Inc. (NYSE:PPG) by 29.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 259,886 shares of the specialty chemicals company’s stock after selling 106,431 shares during the quarter. Envestnet Asset Management Inc.’s holdings in PPG Industries were worth $32,717,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. FinTrust Capital Advisors LLC boosted its stake in PPG Industries by 38.6% during the fourth quarter. FinTrust Capital Advisors LLC now owns 273 shares of the specialty chemicals company’s stock worth $41,000 after buying an additional 76 shares during the period. Kingsview Wealth Management LLC boosted its stake in PPG Industries by 0.9% during the first quarter. Kingsview Wealth Management LLC now owns 8,312 shares of the specialty chemicals company’s stock worth $1,204,000 after buying an additional 76 shares during the period. Gryphon Financial Partners LLC boosted its stake in PPG Industries by 1.7% during the fourth quarter. Gryphon Financial Partners LLC now owns 4,864 shares of the specialty chemicals company’s stock worth $727,000 after buying an additional 81 shares during the period. SYSTM Wealth Solutions LLC boosted its stake in PPG Industries by 4.2% during the first quarter. SYSTM Wealth Solutions LLC now owns 2,013 shares of the specialty chemicals company’s stock worth $292,000 after buying an additional 82 shares during the period. Finally, Applied Capital LLC FL boosted its stake in PPG Industries by 1.3% during the first quarter. Applied Capital LLC FL now owns 6,402 shares of the specialty chemicals company’s stock worth $928,000 after buying an additional 82 shares during the period. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Down 2.1 %

Shares of NYSE:PPG opened at $126.50 on Friday. The firm’s 50 day moving average price is $125.71 and its 200 day moving average price is $130.85. The stock has a market cap of $29.51 billion, a price-to-earnings ratio of 21.37, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. PPG Industries, Inc. has a fifty-two week low of $118.07 and a fifty-two week high of $151.16. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last issued its 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 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 firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.25 earnings per share. As a group, equities research analysts predict that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The business 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 of this dividend was Monday, August 12th. This represents a $2.72 dividend on an annualized basis and a yield of 2.15%. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio (DPR) is presently 45.95%.

Analyst Upgrades and Downgrades

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

About PPG Industries

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.