PPG Industries, Inc. (PPG) Shares Bought by Northwestern Mutual Wealth Management Co.
Northwestern Mutual Wealth Management Co. lifted its stake in PPG Industries, Inc. (NYSE:PPG) by 13.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,970 shares of the specialty chemicals company’s stock after purchasing an additional 925 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in PPG Industries were worth $827,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in PPG. Charles Schwab Investment Advisory Inc. acquired a new position in PPG Industries in the 2nd quarter worth approximately $327,975,000. Massachusetts Financial Services Co. MA increased its holdings in PPG Industries by 15.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 22,112,913 shares of the specialty chemicals company’s stock worth $2,293,772,000 after buying an additional 2,995,436 shares during the period. Parnassus Investments CA increased its holdings in PPG Industries by 68.1% in the 2nd quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock worth $441,520,000 after buying an additional 1,724,631 shares during the period. Ceredex Value Advisors LLC acquired a new position in PPG Industries in the 1st quarter worth approximately $85,777,000. Finally, Mondrian Investment Partners LTD acquired a new position in PPG Industries in the 2nd quarter worth approximately $46,290,000. 78.03% of the stock is owned by hedge funds and other institutional investors.
Shares of PPG stock opened at $112.00 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.22 and a current ratio of 1.70. The firm has a market capitalization of $26.77 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 2.13 and a beta of 1.52. PPG Industries, Inc. has a fifty-two week low of $100.36 and a fifty-two week high of $122.07.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Friday, August 10th will be issued a $0.48 dividend. The ex-dividend date is Thursday, August 9th. This represents a $1.92 dividend on an annualized basis and a yield of 1.71%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.45. PPG Industries’s dividend payout ratio (DPR) is presently 32.71%.
A number of equities research analysts have recently commented on PPG shares. Goldman Sachs Group raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 price objective on the stock in a research note on Wednesday, July 25th. JPMorgan Chase & Co. cut shares of PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price objective on the stock. in a research note on Friday, July 27th. They noted that the move was a valuation call. KeyCorp dropped their price objective on shares of PPG Industries from $130.00 to $128.00 and set a “$104.41” rating on the stock in a research note on Monday, July 23rd. Credit Suisse Group dropped their price objective on shares of PPG Industries from $122.00 to $119.00 and set an “outperform” rating on the stock in a research note on Friday, July 20th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of PPG Industries in a research note on Thursday, May 31st. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $122.29.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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