Todays Report: Today: Macquarie Group Ltd. Reduces Position in PPG Industries Inc. (PPG)

Today: Macquarie Group Ltd. Reduces Position in PPG Industries Inc. (PPG)

Macquarie Group Ltd. decreased its position in PPG Industries Inc. (NYSE:PPG) by 3.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 162,851 shares of the company’s stock after selling 6,251 shares during the period. Macquarie Group Ltd.’s holdings in PPG Industries were worth $16,961,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock worth $1,884,182,000 after buying an additional 328,358 shares in the last quarter. FMR LLC raised its position in shares of PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock worth $1,769,075,000 after buying an additional 409,325 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock worth $1,665,343,000 after buying an additional 139,886 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock worth $726,755,000 after buying an additional 132,813 shares in the last quarter. Finally, Boston Partners raised its position in shares of PPG Industries by 0.7% in the second quarter. Boston Partners now owns 4,058,552 shares of the company’s stock worth $422,698,000 after buying an additional 26,232 shares in the last quarter. 71.24% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Inc. (NYSE:PPG) traded down 0.66% during trading on Monday, reaching $97.48. The company’s stock had a trading volume of 763,630 shares. PPG Industries Inc. has a 52-week low of $88.37 and a 52-week high of $117.00. The stock has a 50-day moving average price of $94.05 and a 200 day moving average price of $102.69. The company has a market cap of $25.73 billion, a PE ratio of 30.97 and a beta of 1.40.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 20th. The company reported $1.56 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.56. PPG Industries had a net margin of 5.56% and a return on equity of 30.59%. The firm earned $3.80 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the previous year, the firm earned $1.61 earnings per share. PPG Industries’s revenue was up 1.7% compared to the same quarter last year. On average, analysts expect that PPG Industries Inc. will post $5.91 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Thursday, November 10th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, November 8th. This represents a $1.60 dividend on an annualized basis and a yield of 1.64%. PPG Industries’s payout ratio is 51.12%.

PPG has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, August 29th. JPMorgan Chase & Co. set a $110.00 target price on PPG Industries and gave the company a “buy” rating in a research report on Monday, October 10th. TheStreet downgraded PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, November 21st. Goldman Sachs Group Inc. reiterated a “buy” rating and set a $111.00 target price (down from $119.00) on shares of PPG Industries in a research report on Thursday, October 13th. Finally, Jefferies Group reiterated a “buy” rating and set a $113.00 target price (down from $129.00) on shares of PPG Industries in a research report on Monday, October 24th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target 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.

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