Eaton Vance Management raised its holdings in PPG Industries, Inc. (NYSE:PPG) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 562,164 shares of the specialty chemicals company’s stock after purchasing an additional 51,628 shares during the quarter. Eaton Vance Management owned 0.22% of PPG Industries worth $65,672,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Verity & Verity LLC raised its holdings in shares of 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 raised its holdings in shares of PPG Industries by 6.2% in the 4th quarter. TIAA FSB now owns 30,031 shares of the specialty chemicals company’s stock valued at $3,508,000 after buying an additional 1,744 shares during the period. Private Advisor Group LLC raised 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 buying an additional 2,626 shares during the period. Norinchukin Bank The raised 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 buying an additional 1,310 shares during the period. Finally, Bessemer Group Inc. raised its holdings in shares of PPG Industries by 90.8% in the 3rd quarter. Bessemer Group Inc. now owns 3,107 shares of the specialty chemicals company’s stock valued at $337,000 after buying an additional 1,479 shares during the period. Institutional investors own 73.53% of the company’s stock.
PPG has been the topic of several research analyst reports. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a report on Monday, November 27th. Wells Fargo & Co reiterated a “market perform” rating and issued a $120.00 price objective (up previously from $110.00) on shares of PPG Industries in a report on Tuesday, November 28th. They noted that the move was a valuation call. Raymond James Financial initiated coverage on PPG Industries in a report on Tuesday, December 19th. They issued an “outperform” rating and a $139.00 price objective on the stock. Jefferies Group reiterated a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a report on Wednesday, January 3rd. Finally, Atlantic Securities downgraded PPG Industries from an “overweight” rating to a “neutral” rating in a report on Wednesday, January 17th. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $123.75.
In other PPG Industries news, VP Jean-Marie Greindl sold 9,500 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $115.79, for a total transaction of $1,100,005.00. Following the sale, the vice president now owns 27,685 shares in the company, valued at approximately $3,205,646.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.
Shares of PPG Industries, Inc. (PPG) opened at $117.46 on Friday. 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 1-year low of $100.34 and a 1-year high of $122.07. The firm has a market capitalization 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 (NYSE:PPG) last issued its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the prior year, the business earned $1.19 EPS. PPG Industries’s revenue was up 7.8% on a year-over-year basis. equities analysts expect 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. Shareholders of record on Friday, February 16th will be issued 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 1.53%. PPG Industries’s dividend payout ratio (DPR) is 28.53%.
PPG Industries declared that its board has initiated a stock buyback 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 purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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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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