State of Tennessee Treasury Department Has $27.68 Million Holdings in PPG Industries, Inc. (NYSE:PPG)

State of Tennessee Treasury Department lifted its stake in PPG Industries, Inc. (NYSE:PPGFree Report) by 13.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,104 shares of the specialty chemicals company’s stock after buying an additional 21,696 shares during the period. State of Tennessee Treasury Department owned about 0.08% of PPG Industries worth $27,682,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PPG. Wedmont Private Capital increased its holdings in PPG Industries by 2.9% during the 4th quarter. Wedmont Private Capital now owns 2,464 shares of the specialty chemicals company’s stock valued at $363,000 after purchasing an additional 70 shares in the last quarter. Barrett & Company Inc. boosted its position in shares of PPG Industries by 10.6% in the 4th quarter. Barrett & Company Inc. now owns 763 shares of the specialty chemicals company’s stock worth $114,000 after purchasing an additional 73 shares during the last quarter. FinTrust Capital Advisors LLC lifted its holdings in PPG Industries by 38.6% during the fourth quarter. FinTrust Capital Advisors LLC now owns 273 shares of the specialty chemicals company’s stock worth $41,000 after acquiring an additional 76 shares in the last quarter. CWA Asset Management Group LLC lifted its holdings in PPG Industries by 2.0% during the third quarter. CWA Asset Management Group LLC now owns 4,052 shares of the specialty chemicals company’s stock worth $526,000 after acquiring an additional 78 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in PPG Industries by 20.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 462 shares of the specialty chemicals company’s stock worth $69,000 after acquiring an additional 80 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Price Performance

Shares of NYSE PPG opened at $128.46 on Tuesday. The business’s 50 day moving average price is $133.48 and its two-hundred day moving average price is $139.78. The company has a market cap of $30.12 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 1.59 and a beta of 1.28. The company has a quick ratio of 1.08, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a twelve month low of $120.32 and a twelve month high of $152.89.

PPG Industries (NYSE:PPGGet Free Report) last announced its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.82 earnings per share. On average, analysts predict that PPG Industries, Inc. will post 8.44 EPS for the current year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

PPG Industries announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

PPG has been the topic of several recent analyst reports. Citigroup reduced their target price on PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. KeyCorp dropped their price target on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday, April 22nd. Barclays dropped their price target on PPG Industries from $149.00 to $148.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. BMO Capital Markets dropped their price target on PPG Industries from $168.00 to $165.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on PPG Industries from $160.00 to $155.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $155.47.

Check Out Our Latest Stock Report on PPG Industries

Insiders Place Their Bets

In other news, CEO Timothy M. Knavish acquired 2,061 shares of PPG Industries stock in a transaction dated Wednesday, May 8th. The stock was bought at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the acquisition, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,774,388.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

PPG Industries Profile

(Free Report)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

See Also

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

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