Fulton Bank N.A. acquired a new stake in shares of PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,947 shares of the specialty chemicals company’s stock, valued at approximately $214,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Cable Hill Partners LLC raised its position in PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 77 shares during the last quarter. Baystate Wealth Management LLC raised its position in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares during the last quarter. Coconut Grove Bank raised its position in PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock valued at $124,000 after buying an additional 600 shares during the last quarter. Global X Management Co. LLC raised its position in PPG Industries by 26.7% in the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock valued at $124,000 after buying an additional 249 shares during the last quarter. Finally, Robecosam AG increased its position in shares of PPG Industries by 66.7% in the first quarter. Robecosam AG now owns 1,500 shares of the specialty chemicals company’s stock worth $158,000 after buying an additional 600 shares in the last quarter. 71.55% of the stock is owned by institutional investors and hedge funds.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at 106.37 on Friday. The firm’s 50-day moving average is $110.60 and its 200-day moving average is $105.37. PPG Industries, Inc. has a 12-month low of $89.64 and a 12-month high of $113.67. The firm has a market cap of $27.25 billion, a PE ratio of 32.57 and a beta of 1.56.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 30.37% and a net margin of 6.79%. The business’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 EPS. Equities analysts expect that PPG Industries, Inc. will post $6.18 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.45 per share. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio is 41.67%.
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PPG has been the subject of a number of recent research reports. Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 price target (up previously from $102.00) on shares of PPG Industries in a research note on Sunday, April 23rd. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 price target (up previously from $113.00) on shares of PPG Industries in a research note on Tuesday, April 18th. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $114.00 price target (up previously from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $115.23.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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