Axxcess Wealth Management LLC Cuts Stake in PPG Industries, Inc. (NYSE:PPG)

Axxcess Wealth Management LLC trimmed its position in PPG Industries, Inc. (NYSE:PPG) by 3.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,484 shares of the specialty chemicals company’s stock after selling 236 shares during the quarter. Axxcess Wealth Management LLC’s holdings in PPG Industries were worth $816,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Richardson Financial Services Inc. acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $29,000. LifeSteps Financial Inc. purchased a new stake in PPG Industries during the first quarter worth about $29,000. YHB Investment Advisors Inc. purchased a new stake in shares of PPG Industries during the 1st quarter worth approximately $29,000. Financial Connections Group Inc. purchased a new position in PPG Industries in the 2nd quarter valued at approximately $25,000. Finally, Riverview Trust Co acquired a new position in PPG Industries during the first quarter worth $34,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Wall Street Analysts Forecast Growth

PPG has been the subject of several recent research reports. Royal Bank of Canada dropped 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 report on Tuesday, July 23rd. Citigroup reduced their price objective on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. BMO Capital Markets decreased their price objective on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Bank of America decreased their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Finally, Barclays dropped their price target on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $151.08.

PPG Industries Trading Up 1.4 %

Shares of NYSE:PPG opened at $129.19 on Friday. The firm has a fifty day moving average of $125.79 and a two-hundred day moving average of $130.94. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a 12-month low of $118.07 and a 12-month high of $151.16. The firm has a market capitalization of $30.30 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.69 and a beta of 1.26.

PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, beating 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 company’s revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.25 earnings per share. On average, equities analysts expect that PPG Industries, Inc. will post 8.25 EPS for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.11%. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date was Monday, August 12th. PPG Industries’s dividend payout ratio is presently 45.95%.

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.