Amalgamated Bank Cuts Position in PPG Industries, Inc. (NYSE:PPG)

Amalgamated Bank lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,482 shares of the specialty chemicals company’s stock after selling 1,726 shares during the period. Amalgamated Bank’s holdings in PPG Industries were worth $5,978,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. acquired a new stake in shares of PPG Industries during the 4th quarter valued at approximately $29,000. LifeSteps Financial Inc. purchased a new position in PPG Industries in the 1st quarter valued at approximately $29,000. YHB Investment Advisors Inc. acquired a new position in PPG Industries during the first quarter worth $29,000. Financial Connections Group Inc. purchased a new stake in PPG Industries during the second quarter worth $25,000. Finally, Riverview Trust Co acquired a new stake in PPG Industries in the first quarter valued at $34,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Stock Performance

NYSE:PPG opened at $126.50 on Friday. The company has a market cap of $29.51 billion, a P/E ratio of 21.37, a P/E/G ratio of 1.72 and a beta of 1.26. The firm’s 50 day moving average is $125.71 and its two-hundred day moving average is $130.85. PPG Industries, Inc. has a fifty-two week low of $118.07 and a fifty-two week high of $151.16. 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 (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 the consensus estimate of $2.48 by $0.02. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same period last year, the company posted $2.25 EPS. The business’s quarterly revenue was down 1.6% on a year-over-year basis. Analysts expect that PPG Industries, Inc. will post 8.25 EPS for the current year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 12th were given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Monday, August 12th. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio is 45.95%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. KeyCorp cut their price target on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Citigroup reduced their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Barclays dropped their price objective on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets reduced their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Finally, UBS Group raised their price target on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Company 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.