Penobscot Investment Management Company Inc. boosted its stake in shares of PPG Industries Inc. (NYSE:PPG) by 1.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,070 shares of the company’s stock after buying an additional 50 shares during the period. Penobscot Investment Management Company Inc.’s holdings in PPG Industries were worth $421,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the stock. Cliftonlarsonallen Wealth Advisors LLC purchased a new position in PPG Industries during the third quarter valued at $1,480,000. Toronto Dominion Bank raised its position in PPG Industries by 70.8% in the third quarter. Toronto Dominion Bank now owns 15,304 shares of the company’s stock valued at $1,583,000 after buying an additional 6,345 shares during the period. Appleton Partners Inc. MA raised its position in PPG Industries by 1.1% in the third quarter. Appleton Partners Inc. MA now owns 5,754 shares of the company’s stock valued at $595,000 after buying an additional 65 shares during the period. KBC Group NV raised its position in PPG Industries by 22.5% in the third quarter. KBC Group NV now owns 87,804 shares of the company’s stock valued at $9,076,000 after buying an additional 16,101 shares during the period. Finally, Bank of New York Mellon Corp raised its position in PPG Industries by 8.7% in the third quarter. Bank of New York Mellon Corp now owns 3,061,387 shares of the company’s stock valued at $316,425,000 after buying an additional 245,768 shares during the period. 71.24% of the stock is owned by hedge funds and other institutional investors.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 0.55% during midday trading on Friday, reaching $98.13. 482,559 shares of the company’s stock traded hands. The company has a market capitalization of $25.91 billion, a PE ratio of 31.17 and a beta of 1.40. PPG Industries Inc. has a 52 week low of $88.37 and a 52 week high of $117.00. The stock’s 50 day moving average is $94.37 and its 200-day moving average is $102.76.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, October 20th. The company reported $1.56 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.56. The business earned $3.80 billion during the quarter, compared to the consensus estimate of $3.83 billion. PPG Industries had a return on equity of 30.59% and a net margin of 5.56%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.61 earnings per share. On average, analysts forecast that PPG Industries Inc. will post $5.91 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Thursday, November 10th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Tuesday, November 8th. PPG Industries’s dividend payout ratio is presently 51.12%.
Several equities analysts have recently weighed in on the stock. TheStreet lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday. Argus lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, October 25th. Jefferies Group reissued a “buy” rating and issued a $113.00 price target (down previously from $129.00) on shares of PPG Industries in a report on Monday, October 24th. Goldman Sachs Group Inc. lowered shares of PPG Industries from a “buy” rating to a “neutral” rating and cut their price target for the stock from $111.00 to $103.00 in a report on Thursday, October 20th. Finally, RBC Capital Markets reissued an “outperform” rating and issued a $106.00 price target (down previously from $125.00) on shares of PPG Industries in a report on Wednesday, October 12th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. PPG Industries has an average rating of “Buy” and an average target price of $113.42.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.