Tokio Marine Asset Management Co. Ltd. trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 7.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,877 shares of the specialty chemicals company’s stock after selling 667 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in PPG Industries were worth $1,037,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Cerebellum GP LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $128,000. SeaCrest Wealth Management LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $132,000. Bristlecone Advisors LLC purchased a new stake in shares of PPG Industries during the third quarter worth approximately $179,000. Checchi Capital Advisers LLC purchased a new stake in shares of PPG Industries during the third quarter worth approximately $200,000. Finally, V Wealth Management LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $204,000. Hedge funds and other institutional investors own 75.21% of the company’s stock.
Several analysts recently commented on PPG shares. Jefferies Group reiterated a “buy” rating and set a $135.00 price target on shares of PPG Industries in a research report on Wednesday, January 3rd. Credit Suisse Group set a $119.00 price objective on PPG Industries and gave the stock a “buy” rating in a research note on Friday, October 20th. 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. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Bank of America set a $120.00 price objective on PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $123.35.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.61 billion. During the same quarter in the prior year, the company posted $1.19 EPS. The company’s quarterly revenue was up 7.8% on a year-over-year basis. equities analysts forecast that PPG Industries, Inc. will post 6.57 EPS for the current fiscal year.
PPG Industries declared that its Board of Directors has approved a stock 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 buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared 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. This represents a $1.80 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
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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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