Cubist Systematic Strategies LLC lessened its position in PPG Industries, Inc. (NYSE:PPG) by 84.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,762 shares of the specialty chemicals company’s stock after selling 14,527 shares during the period. Cubist Systematic Strategies LLC’s holdings in PPG Industries were worth $300,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the business. Cedar Hill Associates LLC bought a new stake in PPG Industries in the third quarter valued at approximately $364,000. Madison Investment Holdings Inc. increased its position in shares of PPG Industries by 26.3% during the third quarter. Madison Investment Holdings Inc. now owns 539,044 shares of the specialty chemicals company’s stock worth $58,573,000 after acquiring an additional 112,302 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its position in shares of PPG Industries by 3.5% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 58,801 shares of the specialty chemicals company’s stock worth $6,388,000 after acquiring an additional 1,965 shares in the last quarter. Chevy Chase Trust Holdings Inc. increased its position in shares of PPG Industries by 1.3% during the third quarter. Chevy Chase Trust Holdings Inc. now owns 226,243 shares of the specialty chemicals company’s stock worth $24,584,000 after acquiring an additional 2,930 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of PPG Industries by 5.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 43,653 shares of the specialty chemicals company’s stock worth $4,743,000 after acquiring an additional 2,342 shares in the last quarter. 74.99% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on PPG shares. Bank of America set a $120.00 price objective on shares of PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Citigroup increased their price objective on shares of PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Robert W. Baird increased their price objective on shares of PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Finally, Wells Fargo & Co reissued a “market perform” rating and set a $120.00 price objective (up previously from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. PPG Industries has a consensus rating of “Hold” and an average target price of $121.56.
PPG Industries, Inc. (NYSE PPG) opened at $118.17 on Friday. PPG Industries, Inc. has a 1-year low of $94.62 and a 1-year high of $119.85. The company has a market cap of $29,918.73, a price-to-earnings ratio of 17.15, a P/E/G ratio of 2.10 and a beta of 1.60. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The business had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. analysts forecast that PPG Industries, Inc. will post 5.88 EPS for the current fiscal year.
PPG Industries announced that its Board of Directors has approved a share repurchase plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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PPG Industries Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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