American International Group Inc. lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG – Get Rating) by 0.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,960 shares of the specialty chemicals company’s stock after selling 774 shares during the quarter. American International Group Inc.’s holdings in PPG Industries were worth $13,961,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Ceredex Value Advisors LLC lifted its holdings in shares of PPG Industries by 66.3% in the fourth quarter. Ceredex Value Advisors LLC now owns 1,456,745 shares of the specialty chemicals company’s stock valued at $251,201,000 after buying an additional 580,545 shares during the period. Invesco Ltd. raised its position in PPG Industries by 21.6% during the third quarter. Invesco Ltd. now owns 1,591,113 shares of the specialty chemicals company’s stock valued at $227,544,000 after acquiring an additional 283,110 shares in the last quarter. Phoenix Holdings Ltd. acquired a new stake in shares of PPG Industries in the fourth quarter worth about $46,611,000. Victory Capital Management Inc. grew its holdings in PPG Industries by 62.7% during the fourth quarter. Victory Capital Management Inc. now owns 495,104 shares of the specialty chemicals company’s stock valued at $85,376,000 after purchasing an additional 190,845 shares during the last quarter. Finally, Morgan Stanley raised its holdings in PPG Industries by 11.2% in the 3rd quarter. Morgan Stanley now owns 1,398,247 shares of the specialty chemicals company’s stock worth $199,964,000 after acquiring an additional 141,047 shares during the period. Hedge funds and other institutional investors own 79.12% of the company’s stock.
Several analysts have recently weighed in on PPG shares. Jefferies Financial Group decreased their price objective on PPG Industries from $170.00 to $130.00 and set a “hold” rating on the stock in a report on Wednesday, March 9th. Berenberg Bank cut PPG Industries from a “buy” rating to a “hold” rating and decreased their target price for the stock from $180.00 to $140.00 in a report on Friday, May 20th. Barclays decreased their price target on shares of PPG Industries from $175.00 to $150.00 in a research note on Monday, May 2nd. StockNews.com began coverage on PPG Industries in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, TheStreet lowered PPG Industries from a “b-” rating to a “c” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $165.70.
PPG Industries (NYSE:PPG – Get Rating) last released its earnings results on Thursday, April 21st. The specialty chemicals company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.25. PPG Industries had a net margin of 6.26% and a return on equity of 23.41%. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the business earned $1.88 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. On average, equities research analysts anticipate that PPG Industries, Inc. will post 7.15 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 10th. Shareholders of record on Tuesday, May 10th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Monday, May 9th. PPG Industries’s dividend payout ratio is 52.33%.
In other PPG Industries news, EVP Rebecca B. Liebert sold 30,086 shares of the stock in a transaction on Wednesday, April 27th. The stock was sold at an average price of $129.90, for a total transaction of $3,908,171.40. Following the transaction, the executive vice president now owns 24,693 shares in the company, valued at approximately $3,207,620.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.50% of the company’s stock.
PPG Industries Company Profile (Get Rating)
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
- Get a free copy of the StockNews.com research report on PPG Industries (PPG)
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