DAVENPORT & Co LLC raised its holdings in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) by 7.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,962 shares of the specialty chemicals company’s stock after purchasing an additional 327 shares during the period. DAVENPORT & Co LLC’s holdings in PPG Industries were worth $663,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the business. Ballentine Partners LLC increased its position in shares of PPG Industries by 3.0% during the first quarter. Ballentine Partners LLC now owns 6,983 shares of the specialty chemicals company’s stock worth $933,000 after purchasing an additional 201 shares in the last quarter. Securian Asset Management Inc. increased its position in shares of PPG Industries by 1.0% during the first quarter. Securian Asset Management Inc. now owns 19,445 shares of the specialty chemicals company’s stock worth $2,597,000 after purchasing an additional 201 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of PPG Industries by 9.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 805,292 shares of the specialty chemicals company’s stock worth $107,571,000 after purchasing an additional 68,960 shares in the last quarter. First Trust Direct Indexing L.P. increased its position in shares of PPG Industries by 7.2% during the first quarter. First Trust Direct Indexing L.P. now owns 5,785 shares of the specialty chemicals company’s stock worth $773,000 after purchasing an additional 387 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in shares of PPG Industries by 1.5% during the first quarter. State of New Jersey Common Pension Fund D now owns 136,463 shares of the specialty chemicals company’s stock worth $18,229,000 after purchasing an additional 2,011 shares in the last quarter. 78.95% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts recently issued reports on PPG shares. Morgan Stanley upped their target price on PPG Industries from $140.00 to $143.00 in a research report on Monday, April 24th. Mizuho upped their target price on PPG Industries from $142.00 to $151.00 and gave the company a “buy” rating in a research report on Wednesday, April 19th. Barclays upped their price target on shares of PPG Industries from $142.00 to $150.00 in a report on Monday, April 24th. JPMorgan Chase & Co. raised shares of PPG Industries from a “neutral” rating to an “overweight” rating and upped their price target for the company from $130.00 to $156.00 in a report on Monday, April 24th. Finally, Royal Bank of Canada upped their price target on shares of PPG Industries from $143.00 to $145.00 in a report on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $152.24.
PPG Industries Trading Down 0.8 %
Shares of PPG Industries stock opened at $150.17 on Thursday. The firm has a market capitalization of $35.35 billion, a PE ratio of 28.02, a P/E/G ratio of 1.17 and a beta of 1.19. PPG Industries, Inc. has a twelve month low of $107.40 and a twelve month high of $152.89. The firm’s 50-day moving average price is $142.21 and its 200 day moving average price is $135.63. The company has a current ratio of 1.68, a quick ratio of 1.15 and a debt-to-equity ratio of 0.98.
PPG Industries (NYSE:PPG – Get Free Report) last issued its quarterly earnings results on Friday, April 21st. The specialty chemicals company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.27. The firm had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.39 billion. PPG Industries had a net margin of 7.18% and a return on equity of 23.35%. PPG Industries’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $1.37 EPS. On average, sell-side analysts predict that PPG Industries, Inc. will post 7.3 EPS for the current fiscal year.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company operates through Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
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