Kovitz Investment Group Partners LLC lowered its position in PPG Industries, Inc. (NYSE:PPG) by 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 357,841 shares of the specialty chemicals company’s stock after selling 5,069 shares during the quarter. PPG Industries accounts for about 1.8% of Kovitz Investment Group Partners LLC’s holdings, making the stock its 23rd largest position. Kovitz Investment Group Partners LLC owned 0.14% of PPG Industries worth $41,803,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the company. 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 valued at $3,508,000 after purchasing an additional 1,744 shares in the last quarter. Private Advisor Group LLC boosted its position in 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 last quarter. Norinchukin Bank The boosted its position in 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 last quarter. Bessemer Group Inc. boosted its position in 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 last quarter. Finally, BlackRock Inc. boosted its position in PPG Industries by 1.2% in the 4th quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock valued at $1,745,724,000 after buying an additional 175,593 shares during the last quarter. 76.82% of the stock is owned by institutional investors and hedge funds.
Shares of PPG opened at $109.39 on Friday. PPG Industries, Inc. has a one year low of $100.45 and a one year high of $122.07. The company has a market cap of $27,684.27, a price-to-earnings ratio of 18.64, a PEG ratio of 1.92 and a beta of 1.56. 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 announced its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, topping the 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 had a net margin of 10.98% and a return on equity of 26.76%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 earnings per share. sell-side analysts anticipate that PPG Industries, Inc. will post 6.54 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.65%. PPG Industries’s dividend payout ratio (DPR) is presently 30.66%.
PPG Industries announced that its Board of Directors has approved a share buyback plan on Thursday, December 14th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several research analysts have recently issued reports on the company. Deutsche Bank upgraded PPG Industries from a “hold” rating to a “buy” rating and raised their price target for the stock from $126.00 to $130.00 in a research report on Tuesday, March 20th. Jefferies Group reiterated a “buy” rating and set a $135.00 target price on shares of PPG Industries in a report on Wednesday, January 3rd. Northcoast Research reiterated a “buy” rating and set a $128.00 target price on shares of PPG Industries in a report on Friday, January 19th. Barclays reissued an “equal weight” rating and issued a $122.00 price target (down previously from $125.00) on shares of PPG Industries in a research note on Friday, March 2nd. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $115.00 price target on shares of PPG Industries in a research note on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Hold” and a consensus price target of $125.00.
In related news, VP Jean-Marie Greindl sold 9,500 shares of the 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 completion of the sale, the vice president now directly owns 27,685 shares in the company, valued at $3,205,646.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by corporate insiders.
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PPG Industries Company 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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