Private Advisor Group LLC lessened its position in PPG Industries, Inc. (NYSE:PPG) by 14.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,927 shares of the specialty chemicals company’s stock after selling 2,351 shares during the period. Private Advisor Group LLC’s holdings in PPG Industries were worth $1,650,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in PPG. Cerebellum GP LLC acquired a new position in PPG Industries in the 4th quarter valued at approximately $128,000. SeaCrest Wealth Management LLC acquired a new position in shares of PPG Industries in the 4th quarter valued at $132,000. NuWave Investment Management LLC acquired a new position in shares of PPG Industries in the 4th quarter valued at $150,000. Bristlecone Advisors LLC acquired a new stake in PPG Industries during the 3rd quarter worth $179,000. Finally, Checchi Capital Advisers LLC acquired a new stake in shares of PPG Industries in the 3rd quarter valued at about $200,000. 73.53% of the stock is currently owned by institutional investors.
A number of analysts have weighed in on PPG shares. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Jefferies Group restated a “buy” rating and issued a $135.00 target price on shares of PPG Industries in a report on Wednesday, January 3rd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $120.00 target price on shares of PPG Industries in a research report on Friday, January 19th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $115.00 price objective on shares of PPG Industries in a report on Wednesday, January 17th. Finally, Citigroup lowered their price objective on shares of PPG Industries from $128.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. Eleven 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 currently has an average rating of “Hold” and a consensus price target of $123.75.
PPG Industries, Inc. (NYSE PPG) traded up $1.60 during trading hours on Friday, hitting $117.46. 738,536 shares of the stock were exchanged, compared to its average volume of 1,439,101. The company has a market cap of $28,951.17, a PE ratio of 18.61, a P/E/G ratio of 2.02 and a beta of 1.58. 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 twelve month low of $100.34 and a twelve month high of $122.07.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. The firm had revenue of $3.68 billion during 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%. PPG Industries’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm posted $1.19 EPS. equities analysts expect that PPG Industries, Inc. will post 6.57 earnings per share for the current fiscal year.
The business 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 dividend of $0.45 per share. 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 dividend payout ratio is presently 28.53%.
PPG Industries declared that its board has initiated a stock buyback program on Thursday, December 14th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other news, VP Jean-Marie Greindl sold 9,500 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $3,205,646.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.72% of the company’s stock.
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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