Canada Pension Plan Investment Board Grows Position in PPG Industries, Inc. (NYSE:PPG)

Canada Pension Plan Investment Board grew its position in shares of PPG Industries, Inc. (NYSE:PPG) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 542,761 shares of the specialty chemicals company’s stock after acquiring an additional 30,911 shares during the quarter. Canada Pension Plan Investment Board owned 0.23% of PPG Industries worth $68,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. lifted its holdings in PPG Industries by 24.7% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 15,048 shares of the specialty chemicals company’s stock worth $1,895,000 after acquiring an additional 2,982 shares during the period. Intech Investment Management LLC raised its stake in shares of PPG Industries by 1,245.7% during the 2nd quarter. Intech Investment Management LLC now owns 53,679 shares of the specialty chemicals company’s stock worth $6,758,000 after purchasing an additional 49,690 shares during the period. MQS Management LLC boosted its holdings in shares of PPG Industries by 26.8% in the 2nd quarter. MQS Management LLC now owns 6,376 shares of the specialty chemicals company’s stock worth $803,000 after buying an additional 1,347 shares during the last quarter. Palouse Capital Management Inc. purchased a new position in shares of PPG Industries in the 2nd quarter worth about $672,000. Finally, Sienna Gestion bought a new position in PPG Industries during the second quarter valued at about $8,705,000. Institutional investors own 81.86% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PPG. UBS Group lifted their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. BMO Capital Markets dropped their price objective 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. Citigroup reduced their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Bank of America lowered their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Royal Bank of Canada cut their price target on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, PPG Industries presently has a consensus rating of “Moderate Buy” and an average price target of $151.08.

PPG Industries Trading Down 2.1 %

Shares of PPG opened at $126.50 on Friday. The business’s 50-day moving average price is $125.71 and its 200-day moving average price is $130.80. 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 twelve month low of $118.07 and a twelve month high of $151.16. The stock has a market cap of $29.51 billion, a PE ratio of 21.37, a P/E/G ratio of 1.72 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, topping the consensus estimate of $2.48 by $0.02. The business had revenue of $4.79 billion for 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 business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.25 EPS. On average, equities analysts forecast 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. Investors 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 2.15%. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date was Monday, August 12th. PPG Industries’s payout ratio is presently 45.95%.

About PPG Industries

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.