Meeder Asset Management Inc. Acquires New Position in PPG Industries, Inc. (NYSE:PPG)

Meeder Asset Management Inc. bought a new position in PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,259 shares of the specialty chemicals company’s stock, valued at approximately $158,000.

Several other institutional investors also recently made changes to their positions in PPG. Vanguard Group Inc. boosted its stake in PPG Industries by 17.2% during 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 purchasing an additional 4,222,402 shares during the period. Norges Bank bought a new stake in PPG Industries during the 4th quarter valued at $554,685,000. Putnam Investments LLC grew its stake in shares of PPG Industries by 3.1% in the fourth quarter. Putnam Investments LLC now owns 2,659,974 shares of the specialty chemicals company’s stock worth $397,799,000 after purchasing an additional 81,200 shares in the last quarter. Boston Partners increased its holdings in shares of PPG Industries by 4.9% during the first quarter. Boston Partners now owns 1,713,126 shares of the specialty chemicals company’s stock valued at $248,172,000 after purchasing an additional 80,710 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of PPG Industries by 1.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,287,925 shares of the specialty chemicals company’s stock valued at $192,609,000 after purchasing an additional 17,767 shares in the last quarter. 81.86% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on PPG. Citigroup decreased their price objective on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. UBS Group raised their target price on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Royal Bank of Canada reduced 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 report on Tuesday, July 23rd. KeyCorp dropped their target price on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Finally, Bank of America dropped their price target on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, PPG Industries has a consensus rating of “Moderate Buy” and a consensus target price of $151.08.

PPG Industries Stock Up 1.2 %

PPG opened at $126.98 on Friday. The company has a market capitalization of $29.78 billion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 1.69 and a beta of 1.26. The business has a 50-day moving average of $125.73 and a 200-day moving average of $131.30. PPG Industries, Inc. has a fifty-two week low of $118.07 and a fifty-two week high of $151.16. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $4.93 billion. During the same quarter in the prior year, the business posted $2.25 EPS. PPG Industries’s quarterly revenue was down 1.6% on a year-over-year basis. Equities research analysts forecast 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 paid a $0.68 dividend. The ex-dividend date was Monday, August 12th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 dividend on an annualized basis and a yield of 2.14%. PPG Industries’s dividend payout ratio (DPR) is presently 45.95%.

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.