Investors Buy Shares of PPG Industries Inc. (PPG) on Weakness
Investors purchased shares of PPG Industries Inc. (NYSE:PPG) on weakness during trading on Friday. $52.53 million flowed into the stock on the tick-up and $28.15 million flowed out of the stock on the tick-down, for a money net flow of $24.38 million into the stock. Of all equities tracked, PPG Industries had the 16th highest net in-flow for the day. PPG Industries traded down ($0.94) for the day and closed at $107.65
A number of research analysts have weighed in on PPG shares. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Citigroup Inc. boosted their price objective on shares of PPG Industries from $120.00 to $131.00 and gave the company a “buy” rating in a research report on Monday, April 18th. Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a research report on Thursday, June 23rd. Zacks Investment Research cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research report on Friday, June 17th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. PPG Industries currently has a consensus rating of “Buy” and a consensus price target of $119.09.
The stock has a market capitalization of $28.64 billion and a price-to-earnings ratio of 20.42. The company’s 50 day moving average is $106.89 and its 200-day moving average is $104.29.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 21st. The company reported $1.85 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.85. The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities research analysts predict that PPG Industries Inc. will post $6.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Monday, August 8th.
Other large investors have bought and sold shares of the company. Morgan Stanley boosted its stake in PPG Industries by 1.3% in the fourth quarter. Morgan Stanley now owns 1,005,371 shares of the company’s stock valued at $99,349,000 after buying an additional 12,898 shares during the last quarter. Bank of Montreal Can boosted its stake in PPG Industries by 278.5% in the fourth quarter. Bank of Montreal Can now owns 720,929 shares of the company’s stock valued at $71,240,000 after buying an additional 530,448 shares during the last quarter. Boston Partners acquired a new stake in PPG Industries during the fourth quarter valued at $55,310,000. Mizuho Trust & Banking Co. Ltd. boosted its stake in PPG Industries by 0.6% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 466,002 shares of the company’s stock valued at $46,493,000 after buying an additional 2,878 shares during the last quarter. Finally, Edge Asset Management Inc. boosted its stake in PPG Industries by 21.1% in the fourth quarter. Edge Asset Management Inc. now owns 402,913 shares of the company’s stock valued at $39,816,000 after buying an additional 70,088 shares during the last quarter.
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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