Smith Asset Management Group LP lessened its holdings in shares of PPG Industries (NYSE:PPG) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,871 shares of the specialty chemicals company’s stock after selling 1,349 shares during the period. Smith Asset Management Group LP’s holdings in PPG Industries were worth $7,686,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of PPG. APG Asset Management N.V. lifted its holdings in shares of PPG Industries by 108.6% during the 4th quarter. APG Asset Management N.V. now owns 1,087,338 shares of the specialty chemicals company’s stock valued at $105,782,000 after purchasing an additional 566,100 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of PPG Industries during the 4th quarter valued at $57,025,000. Renaissance Technologies LLC purchased a new stake in shares of PPG Industries during the 4th quarter valued at $50,151,000. Capital Analysts LLC lifted its holdings in shares of PPG Industries by 1,300.7% during the 4th quarter. Capital Analysts LLC now owns 401,262 shares of the specialty chemicals company’s stock valued at $43,870,000 after purchasing an additional 372,614 shares during the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of PPG Industries by 83.3% during the 4th quarter. Two Sigma Investments LP now owns 593,046 shares of the specialty chemicals company’s stock valued at $69,280,000 after purchasing an additional 269,541 shares during the last quarter. Hedge funds and other institutional investors own 76.92% of the company’s stock.
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NYSE:PPG opened at $102.97 on Tuesday. PPG Industries has a 52 week low of $101.30 and a 52 week high of $102.95. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.22 and a current ratio of 1.66. The stock has a market cap of $25.10 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 1.76 and a beta of 1.56.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, April 19th. The specialty chemicals company reported $1.39 EPS for the quarter, missing the Zacks’ consensus estimate of $1.49 by ($0.10). PPG Industries had a net margin of 10.94% and a return on equity of 26.15%. The business had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business earned $1.35 earnings per share. PPG Industries’s revenue was up 8.6% on a year-over-year basis. analysts expect that PPG Industries will post 6.37 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 12th. Investors of record on Thursday, May 10th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Wednesday, May 9th. PPG Industries’s payout ratio is 30.66%.
In related news, VP Jean-Marie Greindl sold 9,500 shares of PPG Industries stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $115.79, for a total value of $1,100,005.00. Following the sale, the vice president now directly owns 27,685 shares in the company, valued at approximately $3,205,646.15. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.33% of the company’s stock.
Several analysts have recently commented on PPG shares. Robert W. Baird reiterated a “buy” rating and set a $125.00 price objective on shares of PPG Industries in a report on Friday, April 20th. Deutsche Bank upgraded PPG Industries from a “hold” rating to a “buy” rating and increased their price objective for the company from $126.00 to $130.00 in a report on Tuesday, March 20th. Northcoast Research restated a “buy” rating and issued a $128.00 target price on shares of PPG Industries in a research note on Friday, January 19th. Barclays restated an “equal weight” rating and issued a $122.00 target price (down previously from $125.00) on shares of PPG Industries in a research note on Friday, March 2nd. Finally, ValuEngine lowered PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $124.47.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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