Wedmont Private Capital Sells 211 Shares of PPG Industries, Inc. (NYSE:PPG)

Wedmont Private Capital lowered its stake in PPG Industries, Inc. (NYSE:PPG) by 8.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,259 shares of the specialty chemicals company’s stock after selling 211 shares during the quarter. Wedmont Private Capital’s holdings in PPG Industries were worth $291,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vest Financial LLC increased its stake in PPG Industries by 28.9% in the second quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company’s stock valued at $42,516,000 after purchasing an additional 75,620 shares in the last quarter. BDF Gestion acquired a new stake in PPG Industries in the second quarter valued at approximately $3,452,000. State Board of Administration of Florida Retirement System raised its position in shares of PPG Industries by 8.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 274,143 shares of the specialty chemicals company’s stock worth $36,620,000 after purchasing an additional 22,079 shares during the period. Vanguard Group Inc. lifted its stake in shares of PPG Industries by 17.2% in the first quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after buying an additional 4,222,402 shares in the last quarter. Finally, Perpetual Ltd grew its holdings in shares of PPG Industries by 416.5% during the first quarter. Perpetual Ltd now owns 7,365 shares of the specialty chemicals company’s stock valued at $1,067,000 after buying an additional 5,939 shares during the last quarter. Institutional investors own 81.86% of the company’s stock.

PPG Industries Trading Up 0.7 %

Shares of PPG opened at $128.25 on Friday. The firm has a market cap of $29.92 billion, a P/E ratio of 21.02, 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 debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. The business has a 50-day moving average of $126.09 and a 200 day moving average of $129.58.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.02. The company had revenue of $4.79 billion for 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 company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.25 earnings per share. As a group, research analysts forecast that PPG Industries, Inc. will post 8.24 EPS for the current year.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 12th were issued a $0.68 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend was Monday, August 12th. PPG Industries’s dividend payout ratio (DPR) is presently 44.59%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PPG. 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 report on Monday, July 22nd. BMO Capital Markets dropped their price objective on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Bank of America reduced their target price 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 cut their price target 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. Finally, Barclays dropped their target price 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. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Company 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.