Welch & Forbes LLC Sells 10 Shares of PPG Industries, Inc. (NYSE:PPG)
Welch & Forbes LLC decreased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,000 shares of the specialty chemicals company’s stock after selling 10 shares during the period. Welch & Forbes LLC’s holdings in PPG Industries were worth $440,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Teachers Advisors LLC boosted its position in PPG Industries by 4.4% in the fourth quarter. Teachers Advisors LLC now owns 303,415 shares of the specialty chemicals company’s stock worth $28,752,000 after buying an additional 12,869 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in PPG Industries by 0.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 224,638 shares of the specialty chemicals company’s stock worth $23,605,000 after buying an additional 1,242 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in PPG Industries by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 83,848 shares of the specialty chemicals company’s stock worth $8,810,000 after buying an additional 950 shares in the last quarter. Union Bankshares Corp boosted its position in PPG Industries by 7.2% in the first quarter. Union Bankshares Corp now owns 28,751 shares of the specialty chemicals company’s stock worth $3,021,000 after buying an additional 1,927 shares in the last quarter. Finally, Dynamic Advisors Solutions LLC boosted its position in PPG Industries by 172.0% in the first quarter. Dynamic Advisors Solutions LLC now owns 13,376 shares of the specialty chemicals company’s stock worth $1,406,000 after buying an additional 8,459 shares in the last quarter. Institutional investors own 71.81% of the company’s stock.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the consensus estimate of $1.83. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio (DPR) is 41.67%.
A number of research firms recently commented on PPG. BidaskClub raised PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Credit Suisse Group reissued an “outperform” rating and issued a $114.00 price target (up from $109.00) on shares of PPG Industries in a report on Monday, July 17th. They noted that the move was a valuation call. Argus raised PPG Industries from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.61 to $136.00 in a report on Wednesday, July 5th. Jefferies Group LLC reissued a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a report on Thursday, July 6th. Finally, Barclays PLC boosted their price target on PPG Industries from $110.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, April 24th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. PPG Industries currently has a consensus rating of “Hold” and a consensus price target of $113.93.
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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