Seven Eight Capital LP Acquires 17,548 Shares of PPG Industries, Inc. (NYSE:PPG)

Seven Eight Capital LP raised its holdings in PPG Industries, Inc. (NYSE:PPG) by 101.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,800 shares of the specialty chemicals company’s stock after acquiring an additional 17,548 shares during the quarter. Seven Eight Capital LP’s holdings in PPG Industries were worth $4,381,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of PPG. Financial Connections Group Inc. bought a new position in PPG Industries in the 2nd quarter valued at $25,000. 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 position in PPG Industries in the 1st quarter valued at $29,000. Richardson Financial Services Inc. bought a new position in PPG Industries in the 4th quarter valued at $29,000. Finally, Riverview Trust Co purchased a new stake in shares of PPG Industries in the 1st quarter worth $34,000. Institutional investors own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of PPG Industries stock opened at $127.46 on Wednesday. The firm has a market cap of $29.74 billion, a PE ratio of 21.53, a P/E/G ratio of 1.69 and a beta of 1.26. The business has a 50-day moving average price of $125.79 and a 200 day moving average price of $130.98. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16.

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, topping 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 business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the prior year, the company posted $2.25 EPS. The business’s quarterly revenue was down 1.6% on a year-over-year basis. Sell-side analysts predict that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 12th were given a $0.68 dividend. This is a positive change 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 annualized dividend and a dividend yield of 2.13%. PPG Industries’s dividend payout ratio (DPR) is 45.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PPG shares. BMO Capital Markets lowered 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. Royal Bank of Canada lowered their target price on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a report on Tuesday, July 23rd. UBS Group upped their price objective on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Bank of America decreased their price objective on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, Barclays decreased their price target on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company 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 data from MarketBeat, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $151.08.

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.