OLD National Bancorp IN Has $614,000 Position in PPG Industries, Inc. (NYSE:PPG)

OLD National Bancorp IN boosted its holdings in PPG Industries, Inc. (NYSE:PPG) by 9.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,874 shares of the specialty chemicals company’s stock after acquiring an additional 435 shares during the quarter. OLD National Bancorp IN’s holdings in PPG Industries were worth $614,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC purchased a new position in PPG Industries during the 4th quarter valued at about $27,000. DiNuzzo Private Wealth Inc. purchased a new position in PPG Industries during the fourth quarter valued at $29,000. LifeSteps Financial Inc. purchased a new position in PPG Industries during the first quarter valued at $29,000. YHB Investment Advisors Inc. purchased a new stake in shares of PPG Industries during the first quarter valued at approximately $29,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of PPG Industries during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on PPG. Bank of America decreased their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Wells Fargo & Company raised shares of PPG Industries from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $150.00 to $163.00 in a research report on Thursday, April 11th. Barclays dropped their target price on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, July 22nd. StockNews.com upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. Finally, Citigroup cut their price objective on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $151.08.

PPG Industries Stock Performance

NYSE:PPG traded up $0.01 during trading hours on Friday, reaching $119.24. 994,010 shares of the stock were exchanged, compared to its average volume of 1,665,259. The stock has a market capitalization of $27.96 billion, a P/E ratio of 20.14, a P/E/G ratio of 1.70 and a beta of 1.26. PPG Industries, Inc. has a 52 week low of $118.07 and a 52 week high of $151.16. The firm has a 50 day simple moving average of $127.05 and a 200-day simple moving average of $134.10. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.02. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The company had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter in the prior year, the business posted $2.25 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be issued a dividend of $0.68 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Monday, August 12th. PPG Industries’s dividend payout ratio (DPR) is 45.95%.

PPG Industries announced that its Board of Directors has approved a share buyback program on Thursday, April 18th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.