ING Groep NV bought a new position in PPG Industries, Inc. (NYSE:PPG) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 4,896 shares of the specialty chemicals company’s stock, valued at approximately $572,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PPG. American Century Companies Inc. lifted its stake in PPG Industries by 408.2% in the 3rd quarter. American Century Companies Inc. now owns 1,878,315 shares of the specialty chemicals company’s stock worth $204,098,000 after purchasing an additional 1,508,715 shares in the last quarter. Old Mutual Global Investors UK Ltd. purchased a new stake in PPG Industries in the 3rd quarter worth approximately $63,331,000. APG Asset Management N.V. lifted its stake in PPG Industries by 108.6% in the 4th quarter. APG Asset Management N.V. now owns 1,087,338 shares of the specialty chemicals company’s stock worth $105,782,000 after purchasing an additional 566,100 shares in the last quarter. Wells Fargo & Company MN lifted its stake in PPG Industries by 18.8% in the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock worth $348,987,000 after purchasing an additional 509,356 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in PPG Industries by 227.3% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 360,000 shares of the specialty chemicals company’s stock worth $39,118,000 after purchasing an additional 250,000 shares in the last quarter. Institutional investors and hedge funds own 74.83% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) opened at $116.16 on Friday. The company has a market cap of $29,560.00, a price-to-earnings ratio of 21.31, a PEG ratio of 2.03 and a beta of 1.59. PPG Industries, Inc. has a twelve month low of $100.34 and a twelve month high of $122.07. 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 issued its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.01. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.61 billion. PPG Industries’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 EPS. equities research analysts expect that PPG Industries, Inc. will post 6.57 earnings per share for the current fiscal year.
PPG Industries declared that its board has approved a stock buyback plan on Thursday, December 14th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s payout ratio is 33.03%.
Several research firms have issued reports on PPG. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Friday, January 19th. Citigroup lowered their target price on shares of PPG Industries from $128.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Wells Fargo & Co reiterated a “market perform” rating and issued a $120.00 target price (up from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Bank of America set a $120.00 target price on shares of PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Finally, Northcoast Research reiterated a “buy” rating and issued a $128.00 target price on shares of PPG Industries in a research note on Friday, January 19th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Hold” and a consensus target price 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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