TD Asset Management Inc. Has $17.71 Million Position in PPG Industries, Inc. (PPG)
TD Asset Management Inc. cut its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 4.6% during the second quarter, Holdings Channel reports. The firm owned 161,079 shares of the specialty chemicals company’s stock after selling 7,731 shares during the period. TD Asset Management Inc.’s holdings in PPG Industries were worth $17,712,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Palisade Capital Management LLC NJ increased its position in shares of PPG Industries by 3.1% in the second quarter. Palisade Capital Management LLC NJ now owns 69,974 shares of the specialty chemicals company’s stock valued at $7,694,000 after buying an additional 2,077 shares during the period. Palladium Partners LLC increased its position in shares of PPG Industries by 2.5% in the second quarter. Palladium Partners LLC now owns 10,638 shares of the specialty chemicals company’s stock valued at $1,170,000 after buying an additional 255 shares during the period. Korea Investment CORP increased its position in shares of PPG Industries by 153.0% in the second quarter. Korea Investment CORP now owns 41,553 shares of the specialty chemicals company’s stock valued at $4,569,000 after buying an additional 25,131 shares during the period. Sei Investments Co. increased its position in shares of PPG Industries by 10.3% in the second quarter. Sei Investments Co. now owns 107,561 shares of the specialty chemicals company’s stock valued at $11,828,000 after buying an additional 10,062 shares during the period. Finally, Parsec Financial Management Inc. increased its position in shares of PPG Industries by 3.2% in the second quarter. Parsec Financial Management Inc. now owns 3,255 shares of the specialty chemicals company’s stock valued at $358,000 after buying an additional 100 shares during the period. Institutional investors own 71.81% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) opened at 100.73 on Friday. PPG Industries, Inc. has a 12-month low of $89.64 and a 12-month high of $113.67. The firm has a market capitalization of $25.84 billion, a P/E ratio of 26.50 and a beta of 1.54. The stock’s 50 day moving average price is $108.24 and its 200-day moving average price is $106.17.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the firm earned $1.73 EPS. The company’s revenue was up .6% compared to the same quarter last year. On average, equities analysts expect that PPG Industries, Inc. will post $6.11 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be given a $0.45 dividend. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 1.79%. PPG Industries’s dividend payout ratio is presently 46.88%.
Several brokerages have weighed in on PPG. Royal Bank Of Canada reiterated a “hold” rating and issued a $109.00 price target on shares of PPG Industries in a report on Wednesday. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Credit Suisse Group set a $113.00 price target on PPG Industries and gave the company a “buy” rating in a report on Sunday, July 23rd. Finally, Bank of America Corporation downgraded PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price target for the company. in a report on Monday, July 24th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Hold” and a consensus target price of $114.50.
PPG Industries Company Profile
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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