Edgestream Partners L.P. Cuts Holdings in PPG Industries, Inc. (NYSE:PPG)

Edgestream Partners L.P. trimmed its position in PPG Industries, Inc. (NYSE:PPG) by 14.2% in the second quarter, HoldingsChannel reports. The firm owned 13,299 shares of the specialty chemicals company’s stock after selling 2,210 shares during the quarter. Edgestream Partners L.P.’s holdings in PPG Industries were worth $1,674,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. bought a new position in shares of PPG Industries in the fourth quarter valued at approximately $29,000. LifeSteps Financial Inc. bought a new position in PPG Industries in the 1st quarter valued at $29,000. YHB Investment Advisors Inc. bought a new stake in shares of PPG Industries during the 1st quarter worth $29,000. Financial Connections Group Inc. bought a new stake in PPG Industries in the second quarter worth about $25,000. Finally, Riverview Trust Co bought a new stake in shares of PPG Industries in the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of NYSE PPG opened at $129.19 on Friday. The firm has a market capitalization of $30.30 billion, a P/E ratio of 21.82, a P/E/G ratio of 1.69 and a beta of 1.26. 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 stock’s 50-day simple moving average is $125.79 and its two-hundred day simple moving average is $130.94. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16.

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

PPG Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 12th were given a $0.68 dividend. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.72 dividend on an annualized basis and a yield of 2.11%. PPG Industries’s payout ratio is presently 45.95%.

Analysts Set New Price Targets

Several brokerages have weighed in on PPG. Bank of America reduced their price objective on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a report on Monday, July 22nd. BMO Capital Markets lowered their price objective on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. UBS Group increased their target price on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Royal Bank of Canada reduced their target price 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. Finally, Citigroup dropped their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.