Massachusetts Financial Services Co buys $1,685,017,637 stake in PPG Industries (PPG)

PPG Industries (PPG) : Massachusetts Financial Services Co scooped up 1,553,283 additional shares in PPG Industries during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 17,543,130 shares of PPG Industries which is valued at $1,685,017,637.PPG Industries makes up approximately 0.82% of Massachusetts Financial Services Co’s portfolio.

Other Hedge Funds, Including , Essex Financial Services boosted its stake in PPG in the latest quarter, The investment management firm added 430 additional shares and now holds a total of 16,676 shares of PPG Industries which is valued at $1,615,404. PPG Industries makes up approx 0.39% of Essex Financial Services’s portfolio.Carderock Capital Management Inc boosted its stake in PPG in the latest quarter, The investment management firm added 4,506 additional shares and now holds a total of 37,093 shares of PPG Industries which is valued at $3,426,651. PPG Industries makes up approx 1.80% of Carderock Capital Management Inc’s portfolio.

PPG Industries closed down -1.42 points or -1.47% at $95.19 with 12,76,934 shares getting traded on Monday. Post opening the session at $96.23, the shares hit an intraday low of $95.12 and an intraday high of $96.23 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, PPG Industries reported $1.56 EPS for the quarter, based on the information available during the earnings call on Oct 20, 2016. Analyst had a consensus estimate of $1.56. The company had revenue of $3789.00 million for the quarter, compared to analysts expectations of $3794.04 million. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.61 EPS.

Many Wall Street Analysts have commented on PPG Industries. PPG Industries was Downgraded by Argus to ” Hold” on Oct 25, 2016. PPG Industries was Downgraded by Goldman to ” Neutral” on Oct 21, 2016. Shares were Reiterated by RBC Capital Mkts on Oct 11, 2016 to “Outperform” and Lowered the Price Target to $ 106 from a previous price target of $125 .

PPG Industries Inc. (PPG) manufactures and distributes a range of coatings optical and specialty materials and glass products. The Company operates business through three segments: Performance Coatings Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish aerospace architectural coatings-Americas and Asia Pacific architectural coatings-EMEA and protective and marine coatings operating businesses. It primarily supplies a range of protective and decorative coatings sealants and finishes along with paint strippers stains and related chemicals. The Industrial Coatings segment consists of the automotive original equipment manufacturer (OEM) coatings industrial coatings packaging coatings and the specialty coatings and materials operating businesses. The Glass segment consists of the flat glass and fiber glass businesses. It supplies flat glass and continuous-strand fiber glass products.

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