Wedgewood Investors Inc. PA Makes New $566,000 Investment in PPG Industries, Inc. (NYSE:PPG)

Wedgewood Investors Inc. PA acquired a new position in PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 4,499 shares of the specialty chemicals company’s stock, valued at approximately $566,000.

A number of other institutional investors have also recently added to or reduced their stakes in PPG. International Assets Investment Management LLC acquired a new position in PPG Industries in the 4th quarter worth $22,048,000. Federated Hermes Inc. raised its stake in shares of PPG Industries by 84.6% in the 4th quarter. Federated Hermes Inc. now owns 60,987 shares of the specialty chemicals company’s stock valued at $9,121,000 after purchasing an additional 27,949 shares in the last quarter. CWM LLC raised its stake in shares of PPG Industries by 24.3% in the 4th quarter. CWM LLC now owns 9,526 shares of the specialty chemicals company’s stock valued at $1,425,000 after purchasing an additional 1,862 shares in the last quarter. RWA Wealth Partners LLC acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $227,000. Finally, Foster & Motley Inc. acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $250,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Stock Performance

NYSE PPG traded up $1.37 on Friday, hitting $126.53. The stock had a trading volume of 1,092,894 shares, compared to its average volume of 1,643,855. PPG Industries, Inc. has a one year low of $118.07 and a one year 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. The stock has a market cap of $29.52 billion, a price-to-earnings ratio of 21.37, a P/E/G ratio of 1.65 and a beta of 1.26. The company’s 50-day moving average is $125.53 and its two-hundred day moving average is $132.68.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.02. The business 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 business’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $2.25 earnings per share. On average, analysts expect that PPG Industries, Inc. will post 8.25 earnings per share for the current year.

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be given a $0.68 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date is Monday, August 12th. This represents a $2.72 annualized dividend and a yield of 2.15%. PPG Industries’s payout ratio is 45.95%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Citigroup cut their target price 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. Bank of America cut 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 note on Monday, July 22nd. KeyCorp cut their target price on shares of 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 cut their target price on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 23rd. Finally, BMO Capital Markets dropped their price objective on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, PPG Industries presently has a consensus rating of “Moderate Buy” and an average target price of $151.08.

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.