Caisse DE Depot ET Placement DU Quebec reduced its stake in PPG Industries, Inc. (NYSE:PPG) by 26.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 28,118 shares of the specialty chemicals company’s stock after selling 9,936 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in PPG Industries were worth $3,285,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of PPG. APG Asset Management N.V. lifted its holdings in shares of PPG Industries by 108.6% in the 4th quarter. APG Asset Management N.V. now owns 1,087,338 shares of the specialty chemicals company’s stock worth $105,782,000 after acquiring an additional 566,100 shares during the last quarter. Wells Fargo & Company MN increased its stake in PPG Industries by 18.8% during the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock worth $348,987,000 after buying an additional 509,356 shares during the period. Capital Analysts LLC increased its stake in 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 worth $43,870,000 after buying an additional 372,614 shares during the period. Bank of New York Mellon Corp increased its stake in PPG Industries by 7.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock worth $296,017,000 after buying an additional 199,074 shares during the period. Finally, BlackRock Inc. increased its stake in PPG Industries by 1.2% during the 4th quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock worth $1,745,724,000 after buying an additional 175,593 shares during the period. Hedge funds and other institutional investors own 76.90% of the company’s stock.
In other PPG Industries news, VP Jean-Marie Greindl sold 9,500 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were 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 of the company’s stock, valued at approximately $3,205,646.15. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, beating 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 company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same period in the prior year, the firm posted $1.19 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. equities research analysts anticipate that PPG Industries, Inc. will post 6.55 earnings per share for the current year.
PPG Industries announced that its Board of Directors has approved a share buyback plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, February 15th. PPG Industries’s dividend payout ratio is presently 34.35%.
Several equities research analysts recently weighed in on PPG shares. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Royal Bank of Canada reaffirmed a “hold” rating and set a $115.00 target price on shares of PPG Industries in a research note on Wednesday, January 17th. Raymond James Financial started coverage on shares of PPG Industries in a research note on Tuesday, December 19th. They set an “outperform” rating and a $139.00 target price on the stock. Wells Fargo & Co reaffirmed a “market perform” rating and set a $120.00 target price (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. Finally, Atlantic Securities downgraded shares of PPG Industries from an “overweight” rating to a “neutral” rating in a research note on Wednesday, January 17th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. PPG Industries currently has a consensus rating of “Hold” and a consensus price target of $124.19.
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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