CIBC Asset Management Inc Acquires 662 Shares of PPG Industries, Inc. (NYSE:PPG)

CIBC Asset Management Inc increased its holdings in PPG Industries, Inc. (NYSE:PPG) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,399 shares of the specialty chemicals company’s stock after buying an additional 662 shares during the period. CIBC Asset Management Inc’s holdings in PPG Industries were worth $3,060,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. 55I LLC bought a new position in PPG Industries in the 3rd quarter worth approximately $400,000. Richard Bernstein Advisors LLC lifted its stake in PPG Industries by 6.3% in the 3rd quarter. Richard Bernstein Advisors LLC now owns 31,711 shares of the specialty chemicals company’s stock worth $4,534,000 after purchasing an additional 1,887 shares in the last quarter. Guyasuta Investment Advisors Inc. lifted its stake in PPG Industries by 8.4% in the 3rd quarter. Guyasuta Investment Advisors Inc. now owns 33,732 shares of the specialty chemicals company’s stock worth $4,824,000 after purchasing an additional 2,604 shares in the last quarter. Principal Financial Group Inc. lifted its stake in PPG Industries by 2.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,169,708 shares of the specialty chemicals company’s stock worth $167,280,000 after purchasing an additional 27,066 shares in the last quarter. Finally, Boston Private Wealth LLC raised its position in shares of PPG Industries by 0.7% during the 3rd quarter. Boston Private Wealth LLC now owns 66,746 shares of the specialty chemicals company’s stock valued at $9,545,000 after buying an additional 483 shares in the last quarter. 78.05% of the stock is owned by institutional investors.

PPG opened at $165.00 on Friday. PPG Industries, Inc. has a one year low of $132.10 and a one year high of $182.97. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.34 and a quick ratio of 0.92. The business has a 50 day simple moving average of $164.38 and a two-hundred day simple moving average of $161.33. The firm has a market capitalization of $39.17 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 1.35 and a beta of 1.18.

PPG Industries (NYSE:PPG) last announced its earnings results on Tuesday, October 19th. The specialty chemicals company reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.10. The company had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.25 billion. PPG Industries had a return on equity of 27.62% and a net margin of 8.71%. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.93 earnings per share. As a group, sell-side analysts expect that PPG Industries, Inc. will post 6.7 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 10th. Stockholders of record on Wednesday, November 10th were given a $0.59 dividend. The ex-dividend date was Tuesday, November 9th. This represents a $2.36 annualized dividend and a dividend yield of 1.43%. PPG Industries’s dividend payout ratio is 39.66%.

Several analysts have recently weighed in on PPG shares. Vertical Research cut shares of PPG Industries from a “buy” rating to a “hold” rating and set a $176.00 price objective on the stock. in a research report on Tuesday, January 4th. Barclays raised their price objective on shares of PPG Industries from $180.00 to $185.00 and gave the company an “equal weight” rating in a research report on Friday, October 22nd. Wells Fargo & Company raised their price objective on shares of PPG Industries from $180.00 to $183.00 and gave the company an “overweight” rating in a research report on Friday, October 22nd. JPMorgan Chase & Co. cut shares of PPG Industries from an “overweight” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a research report on Friday, October 22nd. Finally, Mizuho raised their price objective on shares of PPG Industries from $180.00 to $184.00 and gave the company a “buy” rating in a research report on Friday, October 22nd. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, PPG Industries presently has an average rating of “Buy” and an average price target of $178.52.

PPG Industries Profile

PPG Industries, Inc engages in the manufacture and distribution of coatings, specialty materials, and glass products. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment comprises of the refinish, aerospace, protective and marine, and architectural coatings businesses.

Further Reading: Management Fee

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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