DnB Asset Management AS lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 61.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,516 shares of the specialty chemicals company’s stock after selling 45,370 shares during the quarter. DnB Asset Management AS’s holdings in PPG Industries were worth $3,331,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Bristlecone Advisors LLC acquired a new stake in PPG Industries during the third quarter worth approximately $179,000. Ropes Wealth Advisors LLC raised its holdings in PPG Industries by 5.0% during the second quarter. Ropes Wealth Advisors LLC now owns 1,743 shares of the specialty chemicals company’s stock worth $192,000 after purchasing an additional 83 shares in the last quarter. Checchi Capital Advisers LLC acquired a new stake in PPG Industries during the third quarter worth approximately $200,000. Sun Life Financial INC raised its holdings in PPG Industries by 12,386.7% during the second quarter. Sun Life Financial INC now owns 1,873 shares of the specialty chemicals company’s stock worth $206,000 after purchasing an additional 1,858 shares in the last quarter. Finally, NEXT Financial Group Inc raised its holdings in PPG Industries by 188.3% during the third quarter. NEXT Financial Group Inc now owns 1,903 shares of the specialty chemicals company’s stock worth $216,000 after purchasing an additional 1,243 shares in the last quarter. 74.99% of the stock is currently owned by institutional investors.
PPG Industries, Inc. (NYSE:PPG) opened at $118.17 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68. The stock has a market cap of $30,070.00, a P/E ratio of 23.54, a PEG ratio of 2.10 and a beta of 1.60. PPG Industries, Inc. has a 1 year low of $94.62 and a 1 year high of $119.85.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the firm posted $1.56 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. research analysts predict that PPG Industries, Inc. will post 5.88 EPS for the current year.
PPG Industries declared that its board has authorized a share repurchase plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of research firms have weighed in on PPG. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Thursday, January 4th. Jefferies Group restated a “buy” rating and set a $135.00 target price on shares of PPG Industries in a research report on Wednesday, January 3rd. Citigroup raised their target price 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. Raymond James Financial started coverage on shares of PPG Industries in a research report on Tuesday, December 19th. They set an “outperform” rating and a $139.00 target price on the stock. Finally, Wells Fargo & Co restated a “market perform” rating and set a $120.00 target price (up 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 analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $121.56.
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About PPG Industries
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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