Summit Financial LLC Purchases 1,152 Shares of PPG Industries, Inc. (NYSE:PPG)

Summit Financial LLC increased its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 30.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 4,928 shares of the specialty chemicals company’s stock after purchasing an additional 1,152 shares during the period. Summit Financial LLC’s holdings in PPG Industries were worth $620,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its holdings in PPG Industries by 49.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 28,345 shares of the specialty chemicals company’s stock valued at $4,239,000 after purchasing an additional 9,384 shares during the last quarter. BDF Gestion bought a new stake in shares of PPG Industries during the 2nd quarter worth about $3,452,000. State Board of Administration of Florida Retirement System grew its stake in PPG Industries by 8.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 274,143 shares of the specialty chemicals company’s stock valued at $36,620,000 after buying an additional 22,079 shares during the last quarter. Vanguard Group Inc. raised its holdings in PPG Industries by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after acquiring an additional 4,222,402 shares during the period. Finally, Perpetual Ltd raised its holdings in PPG Industries by 416.5% in the 1st quarter. Perpetual Ltd now owns 7,365 shares of the specialty chemicals company’s stock valued at $1,067,000 after acquiring an additional 5,939 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PPG. BMO Capital Markets decreased their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Barclays decreased their price objective 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. Citigroup lowered their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Bank of America reduced their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Royal Bank of Canada lowered their price target on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $151.08.

PPG Industries Stock Performance

NYSE:PPG opened at $129.73 on Tuesday. 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 firm has a market capitalization of $30.27 billion, a PE ratio of 21.91, a price-to-earnings-growth ratio of 1.75 and a beta of 1.26. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16. The stock’s 50-day simple moving average is $125.54 and its 200 day simple moving average is $132.18.

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

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.10%. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date is Monday, August 12th. PPG Industries’s dividend payout ratio is presently 45.95%.

PPG Industries 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.