PPG Industries, Inc. (NYSE:PPG) Shares Bought by Seven Eight Capital LP

Seven Eight Capital LP raised its position in PPG Industries, Inc. (NYSE:PPG) by 101.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,800 shares of the specialty chemicals company’s stock after buying an additional 17,548 shares during the period. Seven Eight Capital LP’s holdings in PPG Industries were worth $4,381,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Richardson Financial Services Inc. acquired a new stake in PPG Industries in the 4th quarter worth about $29,000. LifeSteps Financial Inc. acquired a new position in shares of PPG Industries during the 1st quarter worth approximately $29,000. YHB Investment Advisors Inc. acquired a new position in shares of PPG Industries during the 1st quarter worth approximately $29,000. Financial Connections Group Inc. acquired a new position in shares of PPG Industries during the 2nd quarter worth approximately $25,000. Finally, Riverview Trust Co acquired a new position in shares of PPG Industries during the 1st quarter worth approximately $34,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Price Performance

PPG stock opened at $127.46 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05. The firm has a market capitalization of $29.74 billion, a P/E ratio of 21.53, a P/E/G ratio of 1.69 and a beta of 1.26. The business’s 50-day moving average is $125.79 and its two-hundred day moving average is $130.98. PPG Industries, Inc. has a 1 year low of $118.07 and a 1 year high of $151.16.

PPG Industries (NYSE:PPG) last posted its quarterly 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 company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. PPG Industries’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.25 EPS. Analysts anticipate that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 12th were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Monday, August 12th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio (DPR) is 45.95%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PPG shares. Citigroup lowered their target price on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Barclays lowered their target price on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. Royal Bank of Canada lowered their target price on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 23rd. BMO Capital Markets lowered their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, UBS Group lifted their price target on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, PPG Industries currently 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.