Cedar Hill Associates LLC purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,349 shares of the specialty chemicals company’s stock, valued at approximately $364,000.
Several other hedge funds have also recently added to or reduced their stakes in PPG. Bessemer Group Inc. purchased a new stake in PPG Industries in the 2nd quarter valued at about $179,000. Global X Management Co. LLC boosted its position in PPG Industries by 9.2% in the 2nd quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock valued at $142,000 after buying an additional 108 shares during the period. Schwab Charles Investment Management Inc. boosted its position in PPG Industries by 4.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 886,837 shares of the specialty chemicals company’s stock valued at $97,517,000 after buying an additional 41,136 shares during the period. Sigma Planning Corp boosted its position in PPG Industries by 0.3% in the 2nd quarter. Sigma Planning Corp now owns 4,069 shares of the specialty chemicals company’s stock valued at $447,000 after buying an additional 12 shares during the period. Finally, IFC Holdings Incorporated FL boosted its position in PPG Industries by 44.3% in the 2nd quarter. IFC Holdings Incorporated FL now owns 4,027 shares of the specialty chemicals company’s stock valued at $441,000 after buying an additional 1,237 shares during the period. 75.09% of the stock is owned by hedge funds and other institutional investors.
PPG Industries, Inc. (PPG) traded down $0.24 during midday trading on Tuesday, hitting $115.68. 948,800 shares of the company traded hands, compared to its average volume of 1,437,433. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.26 and a current ratio of 1.65. The company has a market cap of $29,498.85, a price-to-earnings ratio of 19.68, a PEG ratio of 2.31 and a beta of 1.59. PPG Industries, Inc. has a 1 year low of $93.80 and a 1 year high of $119.85.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.80 annualized dividend and a dividend yield of 1.56%. PPG Industries’s dividend payout ratio (DPR) is presently 26.12%.
PPG has been the subject of several research reports. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the company a “buy” rating in a research report on Friday, October 20th. Jefferies Group reissued a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research report on Thursday, October 19th. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Robert W. Baird reissued a “buy” rating and issued a $115.00 price objective on shares of PPG Industries in a research report on Friday, September 1st. Finally, Bank of America set a $120.00 price objective on shares of PPG Industries and gave the company a “hold” rating in a research report on Friday, October 20th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $119.40.
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PPG Industries Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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