PPG Industries, Inc. (NYSE:PPG) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp grew its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 25.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 215,436 shares of the specialty chemicals company’s stock after buying an additional 44,088 shares during the quarter. Mackenzie Financial Corp’s holdings in PPG Industries were worth $27,121,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Financial Connections Group Inc. acquired a new stake in PPG Industries during the second quarter worth about $25,000. LifeSteps Financial Inc. purchased a new stake in shares of PPG Industries during the 1st quarter worth about $29,000. YHB Investment Advisors Inc. acquired a new stake in PPG Industries during the 1st quarter worth approximately $29,000. Richardson Financial Services Inc. purchased a new position in PPG Industries in the fourth quarter valued at approximately $29,000. Finally, Riverview Trust Co acquired a new stake in shares of PPG Industries in the first quarter worth $34,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Price Performance

PPG opened at $134.56 on Friday. The company has a market capitalization of $31.39 billion, a P/E ratio of 22.73, a PEG ratio of 1.73 and a beta of 1.26. The company has a 50-day moving average of $125.61 and a 200-day moving average of $130.43. 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 1-year low of $118.07 and a 1-year high of $151.16.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data 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. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same period in the previous year, the company earned $2.25 earnings per share. PPG Industries’s quarterly revenue was down 1.6% on a year-over-year basis. Equities analysts expect that PPG Industries, Inc. will post 8.25 EPS for the current fiscal year.

PPG Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 12th were paid a dividend of $0.68 per share. The ex-dividend date of this dividend was Monday, August 12th. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 annualized dividend and a yield of 2.02%. PPG Industries’s dividend payout ratio (DPR) is 45.95%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PPG shares. Royal Bank of Canada reduced their target price on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 23rd. Barclays reduced their price target on 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. UBS Group increased their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Bank of America reduced their target price 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. Finally, KeyCorp dropped their price target on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.