CIBC Asset Management Inc increased its holdings in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) by 53.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,348 shares of the specialty chemicals company’s stock after buying an additional 19,936 shares during the quarter. CIBC Asset Management Inc’s holdings in PPG Industries were worth $5,876,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in PPG. Brighton Jones LLC lifted its position in PPG Industries by 9.1% during the fourth quarter. Brighton Jones LLC now owns 4,075 shares of the specialty chemicals company’s stock worth $487,000 after buying an additional 339 shares during the period. Integrated Wealth Concepts LLC lifted its position in PPG Industries by 31.4% during the first quarter. Integrated Wealth Concepts LLC now owns 3,849 shares of the specialty chemicals company’s stock worth $421,000 after buying an additional 920 shares during the period. Empowered Funds LLC lifted its position in PPG Industries by 6.1% during the first quarter. Empowered Funds LLC now owns 26,354 shares of the specialty chemicals company’s stock worth $2,882,000 after buying an additional 1,526 shares during the period. Woodline Partners LP lifted its position in PPG Industries by 40.7% during the first quarter. Woodline Partners LP now owns 19,600 shares of the specialty chemicals company’s stock worth $2,143,000 after buying an additional 5,667 shares during the period. Finally, Cresset Asset Management LLC lifted its position in PPG Industries by 6.2% during the second quarter. Cresset Asset Management LLC now owns 6,346 shares of the specialty chemicals company’s stock worth $722,000 after buying an additional 371 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.
PPG Industries Stock Performance
PPG Industries stock opened at $114.08 on Friday. The stock’s 50-day moving average is $108.47 and its 200-day moving average is $109.04. The company has a market cap of $25.43 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 1.66 and a beta of 1.06. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.61 and a quick ratio of 1.17. PPG Industries, Inc. has a 12 month low of $93.39 and a 12 month high of $133.43.
PPG Industries Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Monday, May 11th will be paid a $0.71 dividend. The ex-dividend date is Monday, May 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.5%. PPG Industries’s dividend payout ratio (DPR) is 40.51%.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the company. Evercore increased their target price on PPG Industries from $112.00 to $128.00 in a research report on Wednesday, February 18th. The Goldman Sachs Group cut their price objective on PPG Industries from $134.00 to $130.00 in a report on Friday, May 1st. Jefferies Financial Group cut their price objective on PPG Industries from $125.00 to $116.00 and set a “hold” rating on the stock in a report on Thursday, March 26th. UBS Group raised their price objective on PPG Industries from $110.00 to $116.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Finally, Wells Fargo & Company cut their price objective on PPG Industries from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Friday, April 10th. Five investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $121.79.
Check Out Our Latest Analysis on PPG
About PPG Industries
PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.
PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.
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