Mutual of America Capital Management LLC Sells 1,233 Shares of PPG Industries, Inc. (NYSE:PPG)

Mutual of America Capital Management LLC cut its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 4.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,683 shares of the specialty chemicals company’s stock after selling 1,233 shares during the period. Mutual of America Capital Management LLC’s holdings in PPG Industries were worth $3,737,000 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. Vanguard Group Inc. increased 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 worth $4,159,074,000 after acquiring an additional 4,222,402 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 purchasing an additional 368,410 shares during the period. Federated Hermes Inc. raised its position in shares of PPG Industries by 91.0% in the second quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock worth $65,905,000 after buying an additional 249,406 shares in the last quarter. SG Americas Securities LLC grew its position in PPG Industries by 549.0% during the second quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock worth $32,246,000 after buying an additional 216,675 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in PPG Industries in the 1st quarter worth about $31,033,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Bank of America cut their price objective on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a report on Monday, July 22nd. UBS Group lifted their price objective on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. KeyCorp decreased their target price on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Citigroup dropped their price target on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Finally, Royal Bank of Canada decreased their price objective on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a report on Tuesday, July 23rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $151.08.

PPG Industries Stock Performance

Shares of PPG stock opened at $126.50 on Monday. The company has a market capitalization of $29.51 billion, a price-to-earnings ratio of 21.37, a price-to-earnings-growth ratio of 1.72 and a beta of 1.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. PPG Industries, Inc. has a one year low of $118.07 and a one year high of $151.16. The company’s 50-day moving average is $125.71 and its 200 day moving average is $130.73.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.48 by $0.02. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same quarter in the prior year, the firm earned $2.25 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts expect that PPG Industries, Inc. will post 8.25 EPS for the current fiscal year.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were issued a $0.68 dividend. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Monday, August 12th. PPG Industries’s payout ratio is currently 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.