Cetera Advisor Networks LLC Sells 10,639 Shares of PPG Industries, Inc. (PPG)
Cetera Advisor Networks LLC decreased its holdings in PPG Industries, Inc. (NYSE:PPG) by 56.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,051 shares of the specialty chemicals company’s stock after selling 10,639 shares during the period. Cetera Advisor Networks LLC’s holdings in PPG Industries were worth $874,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Verity & Verity LLC grew its stake in PPG Industries by 0.9% during the third quarter. Verity & Verity LLC now owns 60,816 shares of the specialty chemicals company’s stock valued at $6,609,000 after acquiring an additional 534 shares in the last quarter. Polaris Greystone Financial Group LLC purchased a new position in PPG Industries in the 2nd quarter worth approximately $1,518,000. AXA grew its stake in PPG Industries by 47.4% in the 2nd quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock worth $91,122,000 after buying an additional 266,457 shares in the last quarter. Great Lakes Advisors LLC grew its stake in PPG Industries by 214.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 6,662 shares of the specialty chemicals company’s stock worth $733,000 after buying an additional 4,541 shares in the last quarter. Finally, LS Investment Advisors LLC grew its stake in PPG Industries by 3.4% in the 3rd quarter. LS Investment Advisors LLC now owns 23,972 shares of the specialty chemicals company’s stock worth $2,605,000 after buying an additional 784 shares in the last quarter. 75.09% of the stock is owned by institutional investors.
A number of equities analysts have commented on PPG shares. Robert W. Baird reissued a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a research note on Friday, September 1st. Bank of America set a $120.00 price target on shares of PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Royal Bank of Canada reissued a “hold” rating and issued a $109.00 price target on shares of PPG Industries in a research note on Wednesday, September 13th. Citigroup boosted their price target on shares of PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Finally, Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $119.40.
Shares of PPG Industries, Inc. (PPG) traded down $2.43 on Friday, hitting $113.82. 1,834,900 shares of the stock were exchanged, compared to its average volume of 1,440,968. The company has a market cap of $29,582.82, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 2.32 and a beta of 1.59. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68. PPG Industries, Inc. has a 1 year low of $93.80 and a 1 year high of $119.85.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.52. The firm had revenue of $3.78 billion during the quarter, compared to analyst estimates of $3.75 billion. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.56 EPS. equities research analysts forecast that PPG Industries, Inc. will post 5.89 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th were issued a $0.45 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.58%. PPG Industries’s payout ratio is 26.12%.
PPG Industries announced that its Board of Directors has authorized a share buyback program on Thursday, December 14th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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PPG Industries Profile
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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