PPG Industries, Inc. (NYSE:PPG) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 41.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 299,476 shares of the specialty chemicals company’s stock after selling 213,824 shares during the quarter. Renaissance Technologies LLC owned 0.13% of PPG Industries worth $37,701,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in PPG Industries by 17.2% during the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after purchasing an additional 4,222,402 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of PPG Industries by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock worth $276,576,000 after buying an additional 368,410 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of PPG Industries by 91.0% in the 2nd quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock valued at $65,905,000 after buying an additional 249,406 shares during the period. SG Americas Securities LLC grew its position in shares of PPG Industries by 549.0% during the 2nd quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock valued at $32,246,000 after buying an additional 216,675 shares during the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in shares of PPG Industries during the first quarter valued at approximately $31,033,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of NYSE PPG opened at $127.46 on Thursday. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16. The company has a current ratio of 1.49, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average of $125.80 and a two-hundred day moving average of $130.95. The company has a market capitalization of $29.89 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 1.69 and a beta of 1.26.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02. The firm had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm posted $2.25 earnings per share. As a group, analysts expect that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Monday, August 12th. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s payout ratio is presently 45.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PPG shares. KeyCorp cut their target price on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Royal Bank of Canada decreased their target price on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 23rd. UBS Group boosted their price objective on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Barclays lowered their target price on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, July 22nd. Finally, Bank of America decreased their price target on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, 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; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.