Toronto Dominion Bank Sells 15,573 Shares of PPG Industries, Inc. (NYSE:PPG)

Toronto Dominion Bank reduced its stake in PPG Industries, Inc. (NYSE:PPG) by 10.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 127,272 shares of the specialty chemicals company’s stock after selling 15,573 shares during the period. Toronto Dominion Bank’s holdings in PPG Industries were worth $16,022,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of 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 valued at $4,159,074,000 after acquiring an additional 4,222,402 shares during the period. Dimensional Fund Advisors LP raised its holdings 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 worth $276,576,000 after purchasing an additional 368,410 shares during the period. Federated Hermes Inc. boosted its position in shares of PPG Industries by 91.0% during the second quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock worth $65,905,000 after purchasing an additional 249,406 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of PPG Industries by 549.0% in the 2nd quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock valued at $32,246,000 after buying an additional 216,675 shares during the period. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in shares of PPG Industries in the 1st quarter valued at $31,033,000. 81.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PPG shares. Royal Bank of Canada decreased their target price on 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. Citigroup decreased their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Bank of America dropped their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. UBS Group upped 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. Finally, BMO Capital Markets dropped their price objective on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a report 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $151.08.

PPG Industries Price Performance

Shares of NYSE PPG opened at $134.54 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05. The business has a 50-day moving average of $125.42 and a 200-day moving average of $130.53. The stock has a market capitalization of $31.39 billion, a price-to-earnings ratio of 22.73, a PEG ratio of 1.71 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.

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, topping the consensus estimate of $2.48 by $0.02. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.25 EPS. As a group, sell-side analysts predict that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

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

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.