PPG Industries, Inc. (PPG) Shares Sold by CIBC Asset Management Inc
CIBC Asset Management Inc trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 1.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,872 shares of the specialty chemicals company’s stock after selling 571 shares during the period. CIBC Asset Management Inc’s holdings in PPG Industries were worth $3,490,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cerebellum GP LLC purchased a new position in PPG Industries during the 4th quarter worth approximately $128,000. SeaCrest Wealth Management LLC purchased a new position in PPG Industries during the 4th quarter worth approximately $132,000. Bristlecone Advisors LLC purchased a new position in PPG Industries during the 3rd quarter worth approximately $179,000. Checchi Capital Advisers LLC purchased a new position in PPG Industries during the 3rd quarter worth approximately $200,000. Finally, V Wealth Management LLC purchased a new position in PPG Industries during the 4th quarter worth approximately $204,000. Hedge funds and other institutional investors own 75.21% of the company’s stock.
PPG has been the topic of several research analyst reports. Jefferies Group reiterated a “buy” rating and set a $135.00 price objective on shares of PPG Industries in a research report on Wednesday, January 3rd. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a research report on Friday, October 20th. Northcoast Research reiterated a “buy” rating and set a $128.00 price objective on shares of PPG Industries in a research report on Friday, January 19th. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Bank of America set a $120.00 price objective on shares of PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $123.35.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.19 EPS. equities research analysts expect that PPG Industries, Inc. will post 6.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is currently 33.03%.
PPG Industries announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 14th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
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About PPG Industries
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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