Northwestern Mutual Investment Management Company LLC Has $5.46 Million Stake in PPG Industries, Inc. (PPG)
Northwestern Mutual Investment Management Company LLC boosted its position in PPG Industries, Inc. (NYSE:PPG) by 71.4% during the first quarter, Holdings Channel reports. The institutional investor owned 51,970 shares of the specialty chemicals company’s stock after buying an additional 21,656 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in PPG Industries were worth $5,461,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of PPG. Norges Bank purchased a new position in shares of PPG Industries during the fourth quarter worth approximately $181,554,000. Temasek Holdings Private Ltd purchased a new position in shares of PPG Industries during the fourth quarter worth approximately $158,105,000. Institutional Capital LLC raised its position in shares of PPG Industries by 168.6% in the fourth quarter. Institutional Capital LLC now owns 1,866,348 shares of the specialty chemicals company’s stock worth $176,855,000 after buying an additional 1,171,383 shares in the last quarter. Equity Investment Corp Acquisition Inc purchased a new position in shares of PPG Industries during the fourth quarter worth approximately $91,257,000. Finally, Wells Fargo & Company MN raised its position in shares of PPG Industries by 51.3% in the first quarter. Wells Fargo & Company MN now owns 2,420,642 shares of the specialty chemicals company’s stock worth $254,360,000 after buying an additional 820,978 shares in the last quarter. Hedge funds and other institutional investors own 71.49% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE PPG) traded down 0.49% during midday trading on Wednesday, hitting $107.85. 1,915,135 shares of the stock were exchanged. The stock’s 50 day moving average is $107.89 and its 200 day moving average is $102.28. PPG Industries, Inc. has a 12-month low of $89.64 and a 12-month high of $113.49. The firm has a market cap of $27.63 billion, a P/E ratio of 33.02 and a beta of 1.39.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, April 20th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.03. The company had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.53 billion. PPG Industries had a net margin of 5.84% and a return on equity of 29.94%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the business posted $1.31 EPS. On average, equities research analysts forecast that PPG Industries, Inc. will post $6.25 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Shareholders of record on Wednesday, May 10th will be given a $0.40 dividend. The ex-dividend date is Monday, May 8th. This represents a $1.60 annualized dividend and a yield of 1.48%. PPG Industries’s dividend payout ratio is 48.93%.
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A number of equities analysts have commented on PPG shares. Wells Fargo & Co lowered shares of PPG Industries from an “outperform” rating to a “market perform” rating in a report on Thursday, March 9th. Citigroup Inc reiterated a “market perform” rating on shares of PPG Industries in a report on Friday, April 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $113.00 price objective on shares of PPG Industries in a report on Saturday, March 11th. Barclays PLC boosted their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, April 24th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 price objective (up previously from $102.00) on shares of PPG Industries in a report on Sunday, April 23rd. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. PPG Industries has an average rating of “Hold” and a consensus target price of $114.46.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. 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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