Martingale Asset Management L P boosted its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 27.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,576 shares of the specialty chemicals company’s stock after buying an additional 24,991 shares during the quarter. Martingale Asset Management L P’s holdings in PPG Industries were worth $13,619,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in PPG Industries by 1.2% during 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 in the last quarter. Wells Fargo & Company MN lifted its holdings in PPG Industries by 18.8% during the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after buying an additional 509,356 shares in the last quarter. Nordea Investment Management AB lifted its holdings in PPG Industries by 3.1% during the 3rd quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock valued at $309,054,000 after buying an additional 85,980 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in PPG Industries by 7.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after buying an additional 199,074 shares in the last quarter. Finally, Parnassus Investments CA raised its holdings in shares of PPG Industries by 3.9% in the 3rd quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock valued at $266,850,000 after purchasing an additional 91,417 shares in the last quarter. Institutional investors own 73.53% of the company’s stock.
Several equities research analysts have recently commented on PPG shares. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a report on Wednesday, December 20th. Jefferies Group restated a “buy” rating and issued a $135.00 price target on shares of PPG Industries in a report on Wednesday, January 3rd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $120.00 price target on shares of PPG Industries in a report on Friday, January 19th. Royal Bank of Canada restated a “hold” rating and issued a $115.00 price target on shares of PPG Industries in a report on Wednesday, January 17th. Finally, Citigroup reduced their price target on shares of PPG Industries from $128.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and an average price target of $123.75.
In other news, VP Jean-Marie Greindl sold 9,500 shares of PPG Industries 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 of the company’s stock, valued at approximately $3,205,646.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by insiders.
PPG Industries, Inc. (NYSE PPG) opened at $117.46 on Friday. 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 12-month low of $100.34 and a 12-month high of $122.07. The stock has a market cap of $28,951.17, a P/E ratio of 18.61, a PEG ratio of 2.02 and a beta of 1.58.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the previous year, the firm earned $1.19 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. research analysts forecast that PPG Industries, Inc. will post 6.57 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s payout ratio is currently 28.53%.
PPG Industries announced that its board has authorized a stock repurchase program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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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