PPG Industries, Inc. (PPG) Holdings Trimmed by LS Investment Advisors LLC
LS Investment Advisors LLC reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 5.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,716 shares of the specialty chemicals company’s stock after selling 1,256 shares during the period. LS Investment Advisors LLC’s holdings in PPG Industries were worth $2,654,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Barrett Asset Management LLC grew its holdings in PPG Industries by 125.0% during the 4th quarter. Barrett Asset Management LLC now owns 2,700 shares of the specialty chemicals company’s stock worth $315,000 after acquiring an additional 1,500 shares in the last quarter. KBC Group NV grew its holdings in PPG Industries by 53.2% during the 4th quarter. KBC Group NV now owns 82,863 shares of the specialty chemicals company’s stock worth $9,680,000 after acquiring an additional 28,774 shares in the last quarter. California Public Employees Retirement System grew its holdings in PPG Industries by 4.6% during the 4th quarter. California Public Employees Retirement System now owns 688,966 shares of the specialty chemicals company’s stock worth $80,485,000 after acquiring an additional 30,298 shares in the last quarter. Dubuque Bank & Trust Co. grew its holdings in PPG Industries by 422.1% during the 4th quarter. Dubuque Bank & Trust Co. now owns 3,018 shares of the specialty chemicals company’s stock worth $353,000 after acquiring an additional 2,440 shares in the last quarter. Finally, Glaxis Capital Management LLC acquired a new position in PPG Industries during the 4th quarter worth $234,000. 74.83% of the stock is owned by institutional investors.
Several research analysts have weighed in on the stock. Raymond James Financial assumed coverage on shares of PPG Industries in a report on Tuesday, December 19th. They set an “outperform” rating and a $139.00 price objective for the company. Atlantic Securities lowered shares of PPG Industries from an “overweight” rating to a “neutral” rating in a report on Wednesday, January 17th. Robert W. Baird raised their price objective on shares of PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, October 20th. Wells Fargo & Co restated a “market perform” rating and issued a $120.00 price target (up from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Finally, Northcoast Research restated a “buy” rating and issued a $128.00 price target on shares of PPG Industries in a research report on Friday, January 19th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $123.35.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. PPG Industries’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the firm posted $1.19 EPS. research analysts anticipate that PPG Industries, Inc. will post 6.57 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.80 annualized dividend and a yield of 1.60%. PPG Industries’s dividend payout ratio is presently 28.53%.
PPG Industries announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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