Employees Retirement System of Texas lowered its holdings in PPG Industries, Inc. (NYSE:PPG) by 8.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 99,000 shares of the specialty chemicals company’s stock after selling 9,600 shares during the quarter. Employees Retirement System of Texas’ holdings in PPG Industries were worth $11,565,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Cerebellum GP LLC acquired a new stake in PPG Industries in the fourth quarter valued at $128,000. SeaCrest Wealth Management LLC acquired a new position in shares of PPG Industries during the 4th quarter worth $132,000. Crewe Advisors LLC acquired a new position in shares of PPG Industries during the 4th quarter worth $136,000. NuWave Investment Management LLC acquired a new position in shares of PPG Industries during the 4th quarter worth $150,000. Finally, V Wealth Management LLC acquired a new position in shares of PPG Industries during the 4th quarter worth $204,000. 73.53% of the stock is owned by institutional investors.
Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $120.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Citigroup dropped their price objective on PPG Industries from $128.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Wells Fargo & Co reiterated 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. Northcoast Research reiterated a “buy” rating and set a $128.00 price objective on shares of PPG Industries in a research report on Friday, January 19th. Finally, Atlantic Securities cut PPG Industries from an “overweight” rating to a “neutral” rating in a research report on Wednesday, January 17th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. PPG Industries presently has an average rating of “Hold” and an average target price of $123.75.
Shares of PPG Industries, Inc. (PPG) opened at $115.40 on Wednesday. The stock has a market capitalization of $29,026.13, a PE ratio of 19.72, a PEG ratio of 2.03 and a beta of 1.58. The company has a current ratio of 1.66, a quick ratio of 1.22 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a fifty-two week low of $100.34 and a fifty-two week high of $122.07.
PPG Industries (NYSE:PPG) last released its quarterly 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. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. PPG Industries’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 EPS. research analysts expect that PPG Industries, Inc. will post 6.57 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.56%. The ex-dividend date is Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
PPG Industries declared that its board has approved a stock repurchase program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board 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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