Commerzbank Aktiengesellschaft FI decreased its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 41.2% in the 4th quarter, Holdings Channel reports. The firm owned 2,840 shares of the specialty chemicals company’s stock after selling 1,988 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in PPG Industries were worth $332,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Verity & Verity LLC increased its position 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 worth $6,609,000 after purchasing an additional 534 shares during the last quarter. LS Investment Advisors LLC grew its stake in PPG Industries by 3.4% during the third 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 during the period. Private Advisor Group LLC grew its stake in PPG Industries by 19.2% during the third quarter. Private Advisor Group LLC now owns 16,278 shares of the specialty chemicals company’s stock worth $1,827,000 after buying an additional 2,626 shares during the period. Norinchukin Bank The grew its stake in PPG Industries by 7.4% during the third quarter. Norinchukin Bank The now owns 19,089 shares of the specialty chemicals company’s stock worth $2,074,000 after buying an additional 1,310 shares during the period. Finally, Bessemer Group Inc. grew its stake in PPG Industries by 90.8% during the third quarter. Bessemer Group Inc. now owns 3,107 shares of the specialty chemicals company’s stock worth $337,000 after buying an additional 1,479 shares during the period. 75.21% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on PPG shares. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a research note on Friday, October 20th. Jefferies Group reiterated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research note on Thursday, October 19th. Bank of America set a $120.00 price objective on shares of PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Finally, Citigroup boosted 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. PPG Industries has a consensus rating of “Hold” and a consensus target price of $123.35.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. The business had revenue of $3.68 billion during 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%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.19 earnings per share. analysts anticipate that PPG Industries, Inc. will post 6.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.58%. PPG Industries’s dividend payout ratio (DPR) is presently 33.03%.
PPG Industries declared that its Board of Directors has authorized a stock repurchase plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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PPG Industries Company 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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