Traders Buy Large Volume of PPG Industries Call Options (PPG)
PPG Industries, Inc. (NYSE:PPG) was the recipient of some unusual options trading on Tuesday. Investors acquired 4,486 call options on the stock. This represents an increase of approximately 1,463% compared to the average daily volume of 287 call options.
Several analysts recently weighed in on PPG shares. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. Citigroup increased their target price on PPG Industries from $112.00 to $114.00 and gave the company a “buy” rating in a research note on Monday, October 2nd. Jefferies Group restated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research note on Thursday, October 19th. Credit Suisse Group set a $119.00 target price on PPG Industries and gave the company a “buy” rating in a research note on Friday, October 20th. Finally, Bank of America set a $120.00 target price on PPG Industries and gave the company a “hold” rating in a research note on Friday, October 20th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $123.40.
Shares of PPG Industries (NYSE:PPG) opened at $118.41 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. PPG Industries has a 52-week low of $96.00 and a 52-week high of $122.07. The company has a market capitalization of $30,130.00, a P/E ratio of 23.59, a price-to-earnings-growth ratio of 2.09 and a beta of 1.60.
PPG Industries announced that its Board of Directors has approved a share buyback program on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.52%. PPG Industries’s dividend payout ratio is currently 35.86%.
Several hedge funds have recently made changes to their positions in PPG. Franklin Resources Inc. lifted its position in shares of PPG Industries by 1.3% in the 2nd quarter. Franklin Resources Inc. now owns 31,423 shares of the specialty chemicals company’s stock worth $3,456,000 after acquiring an additional 390 shares during the period. Teachers Advisors LLC lifted its position in shares of PPG Industries by 4.0% in the 2nd quarter. Teachers Advisors LLC now owns 331,043 shares of the specialty chemicals company’s stock worth $36,401,000 after acquiring an additional 12,835 shares during the period. BT Investment Management Ltd bought a new stake in shares of PPG Industries in the 2nd quarter worth approximately $693,000. Kempen Capital Management N.V. acquired a new position in shares of PPG Industries in the 2nd quarter worth approximately $2,931,000. Finally, Mutual of America Capital Management LLC raised its holdings in shares of PPG Industries by 1.1% in the 2nd quarter. Mutual of America Capital Management LLC now owns 31,240 shares of the specialty chemicals company’s stock worth $3,435,000 after buying an additional 330 shares in the last quarter. Institutional investors own 75.01% of the company’s stock.
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About PPG Industries
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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