PPG Industries, Inc. (PPG) Stake Decreased by Engineers Gate Manager LP

Engineers Gate Manager LP reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 76.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,080 shares of the specialty chemicals company’s stock after selling 13,416 shares during the period. Engineers Gate Manager LP’s holdings in PPG Industries were worth $477,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PPG. Cetera Investment Advisers acquired a new stake in PPG Industries during the 2nd quarter worth approximately $597,000. Toronto Dominion Bank increased its position in PPG Industries by 22.6% during the 2nd quarter. Toronto Dominion Bank now owns 94,244 shares of the specialty chemicals company’s stock worth $10,363,000 after purchasing an additional 17,346 shares in the last quarter. Lord Abbett & CO. LLC increased its position in PPG Industries by 5.8% during the 2nd quarter. Lord Abbett & CO. LLC now owns 265,900 shares of the specialty chemicals company’s stock worth $29,238,000 after purchasing an additional 14,500 shares in the last quarter. Intl Fcstone Inc. acquired a new stake in PPG Industries during the 2nd quarter worth approximately $371,000. Finally, Burgundy Asset Management Ltd. increased its position in PPG Industries by 0.3% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 299,436 shares of the specialty chemicals company’s stock worth $32,926,000 after purchasing an additional 812 shares in the last quarter. Institutional investors and hedge funds own 74.83% of the company’s stock.

Shares of PPG Industries, Inc. (PPG) opened at $114.56 on Wednesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. PPG Industries, Inc. has a 1 year low of $100.34 and a 1 year high of $122.07. The stock has a market cap of $29,150.00, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 1.96 and a beta of 1.59.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter last year, the company earned $1.19 earnings per share. PPG Industries’s revenue for the quarter was up 7.8% on a year-over-year basis. equities research analysts forecast that PPG Industries, Inc. will post 6.57 EPS for the current fiscal year.

PPG Industries announced that its Board of Directors has initiated a stock buyback 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 reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.57%. The ex-dividend date is Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is 33.03%.

A number of analysts recently issued reports on the stock. Northcoast Research reissued a “buy” rating and set a $128.00 target price on shares of PPG Industries in a research report on Friday, January 19th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $120.00 target price on shares of PPG Industries in a research report on Friday, January 19th. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Jefferies Group reissued a “buy” rating and set a $135.00 target price on shares of PPG Industries in a research report on Wednesday, January 3rd. Finally, Citigroup increased 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. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. PPG Industries presently has a consensus rating of “Hold” and a consensus price target of $123.75.

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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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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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