Boit C F David Reduces Stock Position in PPG Industries, Inc. (NYSE:PPG)

Boit C F David trimmed its holdings in PPG Industries, Inc. (NYSE:PPG) by 15.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,872 shares of the specialty chemicals company’s stock after selling 2,000 shares during the period. Boit C F David’s holdings in PPG Industries were worth $1,189,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in PPG Industries by 11,737.2% in the 1st quarter. GAMMA Investing LLC now owns 724,553 shares of the specialty chemicals company’s stock worth $79,230,000 after buying an additional 718,432 shares during the last quarter. Versant Capital Management Inc boosted its stake in PPG Industries by 124.2% in the 1st quarter. Versant Capital Management Inc now owns 2,462 shares of the specialty chemicals company’s stock worth $269,000 after buying an additional 1,364 shares during the last quarter. First Hawaiian Bank boosted its stake in PPG Industries by 12.0% in the 1st quarter. First Hawaiian Bank now owns 11,826 shares of the specialty chemicals company’s stock worth $1,293,000 after buying an additional 1,267 shares during the last quarter. Park National Corp OH boosted its stake in PPG Industries by 7.0% in the 1st quarter. Park National Corp OH now owns 4,415 shares of the specialty chemicals company’s stock worth $483,000 after buying an additional 290 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in PPG Industries by 5.6% in the 4th quarter. California State Teachers Retirement System now owns 546,042 shares of the specialty chemicals company’s stock worth $65,225,000 after buying an additional 28,934 shares during the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Stock Performance

PPG Industries stock opened at $110.71 on Friday. The stock’s 50 day moving average price is $106.28 and its 200 day moving average price is $114.28. The firm has a market capitalization of $25.13 billion, a PE ratio of 23.41, a price-to-earnings-growth ratio of 2.19 and a beta of 1.20. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58. PPG Industries, Inc. has a one year low of $90.24 and a one year high of $137.24.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.62 by $0.10. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.67 billion. PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. PPG Industries’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.87 EPS. As a group, sell-side analysts expect that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Monday, May 12th will be issued a dividend of $0.68 per share. The ex-dividend date of this dividend is Monday, May 12th. This represents a $2.72 annualized dividend and a yield of 2.46%. PPG Industries’s dividend payout ratio is presently 58.24%.

Analyst Ratings Changes

PPG has been the topic of a number of research analyst reports. Argus lowered PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, March 10th. Royal Bank of Canada raised their price target on PPG Industries from $112.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Friday, May 2nd. Fermium Researc raised PPG Industries to a “strong-buy” rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. reduced their price objective on PPG Industries from $115.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on PPG Industries from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.42.

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.