PPG Industries, Inc. (NYSE:PPG) Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,700 shares of the specialty chemicals company’s stock after selling 182 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in PPG Industries were worth $1,600,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. J.W. Cole Advisors Inc. grew its holdings in PPG Industries by 6.7% during the 4th quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company’s stock worth $1,646,000 after acquiring an additional 690 shares in the last quarter. FMR LLC grew its position in shares of PPG Industries by 11.0% during the 3rd quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company’s stock valued at $46,512,000 after buying an additional 35,571 shares during the last quarter. Cerity Partners LLC grew its position in shares of PPG Industries by 137.5% during the 4th quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company’s stock valued at $5,224,000 after buying an additional 20,226 shares during the last quarter. Nomura Holdings Inc. grew its position in shares of PPG Industries by 2.3% during the 3rd quarter. Nomura Holdings Inc. now owns 8,479 shares of the specialty chemicals company’s stock valued at $1,101,000 after buying an additional 192 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of PPG Industries during the 4th quarter valued at about $22,048,000. 81.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PPG shares. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Citigroup lowered their price objective on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research report on Wednesday, April 10th. BMO Capital Markets lowered their price objective on shares of PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Barclays lowered their price objective on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Finally, Royal Bank of Canada reduced their target price on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $155.47.

PPG Industries Trading Down 0.0 %

Shares of NYSE:PPG opened at $133.75 on Wednesday. The company has a 50 day moving average of $136.65 and a 200-day moving average of $139.95. The firm has a market cap of $31.36 billion, a P/E ratio of 22.59, a P/E/G ratio of 1.66 and a beta of 1.30. PPG Industries, Inc. has a twelve month low of $120.32 and a twelve month high of $152.89. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last released its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the previous year, the firm earned $1.82 EPS. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, analysts anticipate that PPG Industries, Inc. will post 8.44 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be issued a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.94%. PPG Industries’s payout ratio is currently 43.92%.

PPG Industries declared that its board has authorized a stock buyback plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other PPG Industries news, CEO Timothy M. Knavish bought 2,061 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average cost of $133.24 per share, for a total transaction of $274,607.64. Following the acquisition, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Timothy M. Knavish purchased 2,061 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were acquired at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the acquisition, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the sale, the chief financial officer now owns 28,439 shares in the company, valued at approximately $4,008,192.66. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

About PPG Industries

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.