Janney Montgomery Scott LLC boosted its position in PPG Industries, Inc. (NYSE:PPG) by 2.4% in the third quarter, HoldingsChannel reports. The firm owned 124,257 shares of the specialty chemicals company’s stock after purchasing an additional 2,876 shares during the quarter. Janney Montgomery Scott LLC’s holdings in PPG Industries were worth $13,560,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of PPG. Charles Schwab Investment Advisory Inc. acquired a new position in PPG Industries in the 2nd quarter worth about $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 purchasing an additional 2,995,436 shares in the last quarter. 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 purchasing an additional 1,724,631 shares in the last quarter. Mondrian Investment Partners LTD acquired a new position in PPG Industries in the 2nd quarter worth about $46,290,000. Finally, Bank of America Corp DE increased its holdings in PPG Industries by 15.2% in the 2nd quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock worth $316,527,000 after purchasing an additional 401,643 shares in the last quarter. 78.76% of the stock is owned by institutional investors and hedge funds.
Shares of PPG stock opened at $107.71 on Friday. The stock has a market capitalization of $26.27 billion, a PE ratio of 18.47, a P/E/G ratio of 2.26 and a beta of 1.36. The company has a quick ratio of 1.22, a current ratio of 1.71 and a debt-to-equity ratio of 0.99. PPG Industries, Inc. has a 1-year low of $94.37 and a 1-year high of $122.07.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 12th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.92 annualized dividend and a dividend yield of 1.78%. PPG Industries’s payout ratio is 32.71%.
Several equities research analysts have recently weighed in on PPG shares. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, September 25th. Credit Suisse Group set a $115.00 price target on PPG Industries and gave the company a “hold” rating in a research note on Monday, October 15th. Vertical Research cut PPG Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Goldman Sachs Group raised PPG Industries from a “buy” rating to a “conviction-buy” rating in a research note on Monday, October 29th. Finally, ValuEngine cut PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $117.81.
About PPG Industries
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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