State of Alaska Department of Revenue Reduces Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

State of Alaska Department of Revenue reduced its stake in shares of PPG Industries, Inc. (NYSE:PPGGet Rating) by 14.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 36,682 shares of the specialty chemicals company’s stock after selling 6,275 shares during the quarter. State of Alaska Department of Revenue’s holdings in PPG Industries were worth $4,193,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Rockbridge Investment Management LCC raised its holdings in shares of PPG Industries by 83.0% during the 4th quarter. Rockbridge Investment Management LCC now owns 183 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 83 shares during the period. Allworth Financial LP increased its holdings in PPG Industries by 157.4% during the 1st quarter. Allworth Financial LP now owns 242 shares of the specialty chemicals company’s stock worth $32,000 after purchasing an additional 148 shares during the last quarter. Vectors Research Management LLC purchased a new stake in PPG Industries during the 4th quarter worth approximately $34,000. Parkside Financial Bank & Trust increased its holdings in PPG Industries by 45.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 87 shares during the last quarter. Finally, Achmea Investment Management B.V. purchased a new stake in PPG Industries during the 1st quarter worth approximately $40,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PPG has been the topic of several analyst reports. StockNews.com downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday. Wells Fargo & Company dropped their price objective on PPG Industries from $135.00 to $130.00 and set an “equal weight” rating on the stock in a report on Friday, September 16th. Vertical Research upgraded PPG Industries from a “hold” rating to a “buy” rating and set a $139.00 price target for the company in a report on Monday, June 27th. TheStreet upgraded PPG Industries from a “c+” rating to a “b” rating in a report on Monday, September 12th. Finally, Credit Suisse Group lowered their price target on PPG Industries to $110.00 in a report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, PPG Industries has an average rating of “Hold” and a consensus target price of $155.41.

PPG Industries Trading Down 2.9 %

Shares of PPG opened at $113.30 on Thursday. PPG Industries, Inc. has a 1 year low of $107.06 and a 1 year high of $177.32. The company has a current ratio of 1.50, a quick ratio of 1.02 and a debt-to-equity ratio of 1.08. The stock has a 50 day simple moving average of $126.24 and a 200-day simple moving average of $125.15. The stock has a market cap of $26.63 billion, a PE ratio of 24.85, a PEG ratio of 2.45 and a beta of 1.16.

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Tuesday, August 9th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.59. This represents a $2.48 dividend on an annualized basis and a yield of 2.19%. PPG Industries’s dividend payout ratio is 54.39%.

About PPG Industries

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PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

See Also

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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