Crewe Advisors LLC acquired a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,160 shares of the specialty chemicals company’s stock, valued at approximately $136,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. Virtu Financial LLC boosted its position in PPG Industries by 24.3% during the fourth quarter. Virtu Financial LLC now owns 2,968 shares of the specialty chemicals company’s stock worth $347,000 after purchasing an additional 581 shares during the period. Tower Research Capital LLC TRC acquired a new stake in shares of PPG Industries during the fourth quarter worth $320,000. UBS Asset Management Americas Inc. lifted its holdings in shares of PPG Industries by 2.4% during the fourth quarter. UBS Asset Management Americas Inc. now owns 917,050 shares of the specialty chemicals company’s stock worth $107,130,000 after buying an additional 21,082 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of PPG Industries by 1.2% during the fourth quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock worth $1,745,724,000 after buying an additional 175,593 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of PPG Industries by 198.3% during the fourth quarter. Schroder Investment Management Group now owns 8,711 shares of the specialty chemicals company’s stock worth $1,018,000 after buying an additional 5,791 shares in the last quarter. 73.53% of the stock is owned by hedge funds and other institutional investors.
PPG has been the subject of a number of research reports. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Wednesday, December 20th. Citigroup lifted their target price on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Royal Bank of Canada reissued a “hold” rating and set a $115.00 target price on shares of PPG Industries in a report on Wednesday, January 17th. Raymond James Financial initiated coverage on PPG Industries in a report on Tuesday, December 19th. They set an “outperform” rating and a $139.00 target price for the company. Finally, Wells Fargo & Co reissued a “market perform” rating and set a $120.00 target price (up previously from $110.00) on shares of PPG Industries in a report on Tuesday, November 28th. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. PPG Industries has a consensus rating of “Hold” and a consensus price target of $123.75.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, beating the Zacks’ 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 return on equity of 26.76% and a net margin of 10.98%. PPG Industries’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.19 earnings per share. equities analysts expect that PPG Industries, Inc. will post 6.57 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
PPG Industries declared that its board has approved a share buyback plan on Thursday, December 14th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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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