Legacy Capital Wealth Partners LLC Buys Shares of 4,268 PPG Industries, Inc. (NYSE:PPG)

Legacy Capital Wealth Partners LLC purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,268 shares of the specialty chemicals company’s stock, valued at approximately $537,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PPG. Tower Research Capital LLC TRC lifted its position in PPG Industries by 49.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 28,345 shares of the specialty chemicals company’s stock worth $4,239,000 after buying an additional 9,384 shares during the period. BDF Gestion purchased a new position in shares of PPG Industries during the 2nd quarter worth about $3,452,000. State Board of Administration of Florida Retirement System lifted its holdings in shares of PPG Industries by 8.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 274,143 shares of the specialty chemicals company’s stock worth $36,620,000 after acquiring an additional 22,079 shares during the period. Vanguard Group Inc. boosted its position in shares of PPG Industries by 17.2% in the first 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 last quarter. Finally, Perpetual Ltd grew its holdings in PPG Industries by 416.5% in the first quarter. Perpetual Ltd now owns 7,365 shares of the specialty chemicals company’s stock valued at $1,067,000 after purchasing an additional 5,939 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Price Performance

PPG opened at $127.95 on Wednesday. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16. The firm has a market cap of $29.85 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 1.75 and a beta of 1.26. The company has a current ratio of 1.49, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $125.60 and a 200 day simple moving average of $132.08.

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

PPG Industries Increases Dividend

The firm also recently announced 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 represents a $2.72 dividend on an annualized basis and a dividend yield of 2.13%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, August 12th. PPG Industries’s dividend payout ratio is presently 45.95%.

Analyst Upgrades and Downgrades

PPG has been the subject of several research reports. Royal Bank of Canada lowered their price objective on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 23rd. KeyCorp lowered their price target 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 cut their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. BMO Capital Markets decreased their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, UBS Group raised their price target on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $151.08.

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.