PPG Industries, Inc. (PPG) Position Trimmed by Motco
Motco decreased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 3.9% during the 4th quarter, Holdings Channel reports. The fund owned 45,466 shares of the specialty chemicals company’s stock after selling 1,825 shares during the quarter. Motco’s holdings in PPG Industries were worth $5,311,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Cerebellum GP LLC bought a new position in PPG Industries during the 4th quarter worth approximately $128,000. SeaCrest Wealth Management LLC bought a new position in PPG Industries during the 4th quarter worth approximately $132,000. Bristlecone Advisors LLC bought a new position in PPG Industries during the 3rd quarter worth approximately $179,000. V Wealth Management LLC bought a new position in PPG Industries during the 4th quarter worth approximately $204,000. Finally, Waldron LP bought a new position in PPG Industries during the 4th quarter worth approximately $214,000. 75.21% of the stock is currently owned by institutional investors and hedge funds.
Shares of PPG Industries, Inc. (PPG) opened at $114.13 on Thursday. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. PPG Industries, Inc. has a fifty-two week low of $99.57 and a fifty-two week high of $122.07. The stock has a market cap of $29,000.07, a P/E ratio of 18.09, a PEG ratio of 1.99 and a beta of 1.58.
PPG Industries announced that its board has initiated a share buyback plan on Thursday, December 14th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.58%. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
Several research analysts recently weighed in on the stock. Northcoast Research reissued a “buy” rating and set a $128.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $120.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Thursday, January 4th. Jefferies Group reissued a “buy” rating and set a $135.00 price objective on shares of PPG Industries in a research note on Wednesday, January 3rd. Finally, Citigroup lifted their price objective 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. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $123.35.
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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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