Guggenheim Capital LLC raised its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 421,588 shares of the specialty chemicals company’s stock after buying an additional 5,239 shares during the quarter. Guggenheim Capital LLC owned about 0.17% of PPG Industries worth $49,248,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in PPG. Nationwide Fund Advisors raised its stake in PPG Industries by 8.6% during the third quarter. Nationwide Fund Advisors now owns 163,286 shares of the specialty chemicals company’s stock valued at $17,743,000 after buying an additional 12,888 shares during the last quarter. First Trust Advisors LP raised its stake in PPG Industries by 192.8% during the third quarter. First Trust Advisors LP now owns 23,335 shares of the specialty chemicals company’s stock valued at $2,536,000 after buying an additional 15,366 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in PPG Industries by 8.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 41,153 shares of the specialty chemicals company’s stock valued at $4,472,000 after buying an additional 3,223 shares during the last quarter. Bessemer Group Inc. raised its stake in PPG Industries by 90.8% during the third 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 last quarter. Finally, Jennison Associates LLC raised its stake in PPG Industries by 52.6% during the third quarter. Jennison Associates LLC now owns 5,878 shares of the specialty chemicals company’s stock valued at $639,000 after buying an additional 2,026 shares during the last quarter. Institutional investors and hedge funds own 76.90% of the company’s stock.
A number of brokerages have issued reports on PPG. Raymond James Financial began 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 cut PPG Industries from an “overweight” rating to a “neutral” rating in a research note on Wednesday, January 17th. Wells Fargo 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 note 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 note on Friday, January 19th. Finally, Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research note on Monday, November 27th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $124.13.
PPG Industries, Inc. (NYSE:PPG) opened at $114.93 on Friday. The firm has a market capitalization of $28,556.36, a price-to-earnings ratio of 18.21, a PEG ratio of 1.98 and a beta of 1.56. The company has a quick ratio of 1.22, a current ratio of 1.66 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a one year low of $100.45 and a one year high of $122.07.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results 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. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.19 EPS. research analysts expect that PPG Industries, Inc. will post 6.55 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.57%. The ex-dividend date was Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
PPG Industries announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 14th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other PPG Industries news, VP Jean-Marie Greindl sold 9,500 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $115.79, for a total value of $1,100,005.00. Following the sale, the vice president now owns 27,685 shares of the company’s stock, valued at approximately $3,205,646.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.33% of the company’s stock.
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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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