ING Groep NV bought a new stake in PPG Industries, Inc. (NYSE:PPG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,896 shares of the specialty chemicals company’s stock, valued at approximately $572,000.
Several other hedge funds have also recently made changes to their positions in PPG. Verity & Verity LLC grew its holdings in PPG Industries by 0.9% in the 3rd quarter. Verity & Verity LLC now owns 60,816 shares of the specialty chemicals company’s stock valued at $6,609,000 after buying an additional 534 shares during the period. TIAA FSB increased its holdings in PPG Industries by 6.2% during the 4th quarter. TIAA FSB now owns 30,031 shares of the specialty chemicals company’s stock worth $3,508,000 after purchasing an additional 1,744 shares during the last quarter. LS Investment Advisors LLC increased its holdings in PPG Industries by 3.4% during the 3rd quarter. LS Investment Advisors LLC now owns 23,972 shares of the specialty chemicals company’s stock worth $2,605,000 after purchasing an additional 784 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of PPG Industries by 19.2% in the 3rd quarter. Private Advisor Group LLC now owns 16,278 shares of the specialty chemicals company’s stock valued at $1,827,000 after acquiring an additional 2,626 shares during the last quarter. Finally, Norinchukin Bank The increased its holdings in shares of PPG Industries by 7.4% in the 3rd quarter. Norinchukin Bank The now owns 19,089 shares of the specialty chemicals company’s stock valued at $2,074,000 after acquiring an additional 1,310 shares during the last quarter. Institutional investors and hedge funds own 73.53% of the company’s stock.
PPG Industries, Inc. (PPG) traded up $1.60 during mid-day trading on Friday, reaching $117.46. The company had a trading volume of 738,536 shares, compared to its average volume of 1,439,101. The firm has a market cap of $28,951.17, a PE ratio of 18.61, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58. PPG Industries, Inc. has a 12-month low of $100.34 and a 12-month high of $122.07. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.66 and a quick ratio of 1.22.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.61 billion. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.19 EPS. equities research analysts forecast that PPG Industries, Inc. will post 6.57 earnings per share for the current year.
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 given a $0.45 dividend. The ex-dividend date is Thursday, February 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.53%. PPG Industries’s dividend payout ratio is currently 28.53%.
PPG Industries declared that its board has authorized a stock buyback program 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 purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
A number of research analysts recently commented on the company. Raymond James Financial assumed coverage on PPG Industries in a research note on Tuesday, December 19th. They set an “outperform” rating and a $139.00 price objective for the company. Atlantic Securities lowered PPG Industries from an “overweight” rating to a “neutral” rating in a report on Wednesday, January 17th. Wells Fargo & Co reaffirmed a “market perform” rating and set a $120.00 target price (up from $110.00) on shares of PPG Industries in a report on Tuesday, November 28th. They noted that the move was a valuation call. Northcoast Research reissued a “buy” rating and set a $128.00 price target on shares of PPG Industries in a research report on Friday, January 19th. Finally, Citigroup dropped their target price on PPG Industries from $128.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. Eleven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $123.75.
In other news, VP Jean-Marie Greindl sold 9,500 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $115.79, for a total value of $1,100,005.00. Following the transaction, the vice president now directly owns 27,685 shares in the company, valued at approximately $3,205,646.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.72% of the stock is owned by company insiders.
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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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