Bank of Montreal Can lifted its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 41.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 259,602 shares of the specialty chemicals company’s stock after purchasing an additional 75,741 shares during the period. Bank of Montreal Can owned 0.10% of PPG Industries worth $30,328,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Franklin Resources Inc. grew its holdings in PPG Industries by 1.3% in the 2nd quarter. Franklin Resources Inc. now owns 31,423 shares of the specialty chemicals company’s stock valued at $3,456,000 after buying an additional 390 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of PPG Industries by 1.1% during the 2nd quarter. Mutual of America Capital Management LLC now owns 31,240 shares of the specialty chemicals company’s stock worth $3,435,000 after purchasing an additional 330 shares in the last quarter. ETRADE Capital Management LLC grew its holdings in shares of PPG Industries by 2.6% during the 2nd quarter. ETRADE Capital Management LLC now owns 8,545 shares of the specialty chemicals company’s stock worth $940,000 after purchasing an additional 218 shares in the last quarter. Suntrust Banks Inc. grew its holdings in shares of PPG Industries by 1.8% during the 2nd quarter. Suntrust Banks Inc. now owns 40,967 shares of the specialty chemicals company’s stock worth $4,503,000 after purchasing an additional 721 shares in the last quarter. Finally, Cibc World Markets Corp grew its holdings in shares of PPG Industries by 34.9% during the 2nd quarter. Cibc World Markets Corp now owns 36,202 shares of the specialty chemicals company’s stock worth $3,981,000 after purchasing an additional 9,368 shares in the last quarter. Institutional investors and hedge funds own 74.83% of the company’s stock.
PPG has been the topic of several analyst reports. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Jefferies Group restated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research report on Thursday, October 19th. Credit Suisse Group set a $119.00 price objective on PPG Industries and gave the stock a “buy” rating in a research report on Friday, October 20th. Bank of America set a $120.00 price objective on PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Finally, Robert W. Baird upped their price objective on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $123.75.
Shares of PPG Industries, Inc. (NYSE:PPG) traded up $1.76 on Wednesday, hitting $116.32. The stock had a trading volume of 1,283,813 shares, compared to its average volume of 1,767,504. PPG Industries, Inc. has a 52 week low of $100.34 and a 52 week high of $122.07. The company has a market capitalization of $29,150.00, a P/E ratio of 21.34, a price-to-earnings-growth ratio of 1.99 and a beta of 1.59. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.18 by $0.01. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter last year, the firm posted $1.19 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. research analysts predict that PPG Industries, Inc. will post 6.57 EPS for the current fiscal year.
PPG Industries announced that its board has approved a stock repurchase program on Thursday, December 14th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be paid a dividend of $0.45 per share. The ex-dividend date is Thursday, February 15th. This represents a $1.80 annualized dividend and a yield of 1.55%. PPG Industries’s dividend payout ratio is currently 33.03%.
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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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