Burney Co. Cuts Stock Position in PPG Industries, Inc. (NYSE:PPG)

Burney Co. cut its holdings in PPG Industries, Inc. (NYSE:PPG) by 7.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,175 shares of the specialty chemicals company’s stock after selling 395 shares during the quarter. Burney Co.’s holdings in PPG Industries were worth $566,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Park Square Financial Group LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $26,000. CVA Family Office LLC increased its position in shares of PPG Industries by 70.6% during the first quarter. CVA Family Office LLC now owns 273 shares of the specialty chemicals company’s stock worth $30,000 after purchasing an additional 113 shares in the last quarter. Prudent Man Investment Management Inc. purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $36,000. Beacon Capital Management LLC increased its position in shares of PPG Industries by 37.1% during the first quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company’s stock worth $41,000 after purchasing an additional 101 shares in the last quarter. Finally, Cromwell Holdings LLC increased its position in shares of PPG Industries by 88.0% during the first quarter. Cromwell Holdings LLC now owns 393 shares of the specialty chemicals company’s stock worth $43,000 after purchasing an additional 184 shares in the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PPG has been the subject of several research reports. Bank of America reiterated a “neutral” rating and set a $126.00 price target (down from $143.00) on shares of PPG Industries in a research report on Tuesday, April 15th. Royal Bank Of Canada boosted their price target on PPG Industries from $112.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Friday, May 2nd. Citigroup boosted their price objective on PPG Industries from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, June 13th. UBS Group boosted their price objective on PPG Industries from $111.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 9th. Finally, Mizuho boosted their price objective on PPG Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, PPG Industries has an average rating of “Moderate Buy” and a consensus target price of $129.45.

PPG Industries Stock Performance

Shares of PPG Industries stock opened at $116.06 on Friday. PPG Industries, Inc. has a 52 week low of $90.24 and a 52 week high of $137.24. The business’s fifty day simple moving average is $113.41 and its 200-day simple moving average is $112.02. The firm has a market cap of $26.35 billion, a PE ratio of 24.85, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. The company has a quick ratio of 0.99, a current ratio of 1.35 and a debt-to-equity ratio of 0.79.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.62 by $0.10. PPG Industries had a return on equity of 24.84% and a net margin of 6.49%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the company posted $1.87 EPS. The company’s quarterly revenue was down 4.3% on a year-over-year basis. Equities analysts forecast that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 11th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Monday, August 11th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.68. PPG Industries’s dividend payout ratio is 60.81%.

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.