Peninsula Asset Management Inc. lessened its position in shares of PPG Industries, Inc. (NYSE:PPG) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,796 shares of the specialty chemicals company’s stock after selling 575 shares during the quarter. PPG Industries makes up 2.1% of Peninsula Asset Management Inc.’s holdings, making the stock its 20th biggest position. Peninsula Asset Management Inc.’s holdings in PPG Industries were worth $2,897,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. G&S Capital LLC purchased a new position in PPG Industries during the fourth quarter worth about $110,000. Cerebellum GP LLC purchased a new position in PPG Industries during the fourth quarter worth about $128,000. SeaCrest Wealth Management LLC purchased a new position in PPG Industries during the fourth quarter worth about $132,000. Crewe Advisors LLC purchased a new stake in shares of PPG Industries in the 4th quarter valued at approximately $136,000. Finally, NuWave Investment Management LLC purchased a new stake in shares of PPG Industries in the 4th quarter valued at approximately $150,000. Institutional investors and hedge funds own 76.82% of the company’s stock.
Several equities research analysts recently weighed in on PPG shares. Raymond James Financial started coverage on shares of PPG Industries in a research note on Tuesday, December 19th. They set an “outperform” rating and a $139.00 target price on the stock. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Jefferies Group reiterated a “buy” rating and set a $135.00 price target on shares of PPG Industries in a report on Wednesday, January 3rd. Atlantic Securities cut shares of PPG Industries from an “overweight” rating to a “neutral” rating in a report on Wednesday, January 17th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $115.00 target price on shares of PPG Industries in a report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. PPG Industries currently has an average rating of “Hold” and a consensus target price of $125.00.
In related news, VP Jean-Marie Greindl sold 9,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now owns 27,685 shares in the company, valued at $3,205,646.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.33% of the company’s stock.
Shares of PPG Industries stock traded down $2.28 during mid-day trading on Friday, hitting $109.39. 1,677,839 shares of the stock were exchanged, compared to its average volume of 1,372,235. 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, Inc. has a twelve month low of $100.45 and a twelve month high of $122.07. The stock has a market capitalization of $27,904.17, a P/E ratio of 18.64, a P/E/G ratio of 1.94 and a beta of 1.56.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same period last year, the company earned $1.19 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. analysts forecast that PPG Industries, Inc. will post 6.54 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were issued a $0.45 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.80 annualized dividend and a yield of 1.65%. PPG Industries’s payout ratio is 30.66%.
PPG Industries announced that its board has initiated a share repurchase 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 reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership 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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