Oppenheimer & Co. Inc. decreased its holdings in PPG Industries, Inc. (NYSE:PPG) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,598 shares of the specialty chemicals company’s stock after selling 461 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in PPG Industries were worth $771,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in PPG. Intl Fcstone Inc. purchased a new stake in PPG Industries in the 2nd quarter valued at $371,000. Shell Asset Management Co. increased its stake in PPG Industries by 32.8% in the 3rd quarter. Shell Asset Management Co. now owns 20,445 shares of the specialty chemicals company’s stock valued at $4,022,000 after buying an additional 5,048 shares during the period. Mutual of America Capital Management LLC increased its stake in PPG Industries by 2.1% in the 3rd quarter. Mutual of America Capital Management LLC now owns 31,900 shares of the specialty chemicals company’s stock valued at $3,466,000 after buying an additional 660 shares during the period. Assenagon Asset Management S.A. acquired a new position in PPG Industries in the 3rd quarter valued at $728,000. Finally, Wendell David Associates Inc. acquired a new position in PPG Industries in the 3rd quarter valued at $1,354,000. Hedge funds and other institutional investors own 73.53% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) opened at $116.16 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.22 and a current ratio of 1.66. PPG Industries, Inc. has a 12 month low of $100.34 and a 12 month high of $122.07. The firm has a market cap of $29,026.13, a price-to-earnings ratio of 19.72, a PEG ratio of 2.03 and a beta of 1.58.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.01. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the prior year, the company posted $1.19 EPS. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. research analysts predict that PPG Industries, Inc. will post 6.57 earnings per share for the current year.
PPG Industries declared that its board has authorized a share buyback 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 purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
Several equities analysts have issued reports on the stock. Raymond James Financial assumed coverage on shares of PPG Industries in a research note on Tuesday, December 19th. They issued an “outperform” rating and a $139.00 price objective on the stock. Wells Fargo & Co reissued a “market perform” rating and issued a $120.00 price objective (up from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Atlantic Securities cut shares of PPG Industries from an “overweight” rating to a “neutral” rating in a research note on Wednesday, January 17th. Northcoast Research reissued a “buy” rating and issued a $128.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Finally, Citigroup dropped 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 note 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. PPG Industries has a consensus rating of “Hold” and an average target price of $123.75.
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PPG Industries Company Profile
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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