Cipher Capital LP Takes Position in PPG Industries, Inc. (PPG)
Cipher Capital LP acquired a new stake in shares of PPG Industries, Inc. (NYSE:PPG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 26,263 shares of the company’s stock, valued at approximately $2,489,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its position in PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock valued at $1,665,343,000 after buying an additional 139,886 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock valued at $726,755,000 after buying an additional 132,813 shares in the last quarter. BlackRock Fund Advisors increased its position in PPG Industries by 3.7% in the third quarter. BlackRock Fund Advisors now owns 3,442,121 shares of the company’s stock valued at $355,778,000 after buying an additional 123,496 shares in the last quarter. Northern Trust Corp increased its position in PPG Industries by 0.5% in the third quarter. Northern Trust Corp now owns 3,173,840 shares of the company’s stock valued at $328,049,000 after buying an additional 15,052 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in PPG Industries by 8.7% in the third quarter. Bank of New York Mellon Corp now owns 3,061,387 shares of the company’s stock valued at $316,425,000 after buying an additional 245,768 shares in the last quarter. 71.49% of the stock is owned by institutional investors.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at 101.77 on Friday. The firm’s 50-day moving average is $98.91 and its 200-day moving average is $99.03. The firm has a market cap of $26.87 billion, a P/E ratio of 31.02 and a beta of 1.39. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $117.00.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, January 19th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.01. The firm earned $3.50 billion during the quarter, compared to the consensus estimate of $3.55 billion. PPG Industries had a return on equity of 29.94% and a net margin of 5.84%. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter last year, the company posted $1.16 EPS. Analysts anticipate that PPG Industries, Inc. will post $6.24 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 10th. Stockholders of record on Friday, February 17th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, February 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.57%. PPG Industries’s dividend payout ratio (DPR) is presently 48.93%.
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Several research analysts have recently issued reports on PPG shares. Royal Bank Of Canada downgraded PPG Industries from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $105.00 to $101.00 in a research note on Tuesday, December 13th. Argus downgraded PPG Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, October 25th. Susquehanna Bancshares Inc downgraded PPG Industries from a “positive” rating to a “neutral” rating and lowered their price objective for the company from $108.00 to $100.00 in a research note on Tuesday, January 17th. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, December 20th. Finally, Barclays PLC reaffirmed a “hold” rating and issued a $110.00 price objective on shares of PPG Industries in a research note on Sunday, January 22nd. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $112.29.
PPG Industries Company Profile
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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