UBS Asset Management Americas Inc. boosted its stake in PPG Industries, Inc. (NYSE:PPG) by 2.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 917,050 shares of the specialty chemicals company’s stock after buying an additional 21,082 shares during the period. UBS Asset Management Americas Inc.’s holdings in PPG Industries were worth $107,130,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Verity & Verity LLC lifted its holdings in PPG Industries by 0.9% in the 3rd quarter. Verity & Verity LLC now owns 60,816 shares of the specialty chemicals company’s stock valued at $6,609,000 after acquiring an additional 534 shares during the last quarter. TIAA FSB lifted its holdings in PPG Industries by 6.2% in the 4th quarter. TIAA FSB now owns 30,031 shares of the specialty chemicals company’s stock valued at $3,508,000 after acquiring an additional 1,744 shares during the last quarter. LS Investment Advisors LLC lifted its holdings in PPG Industries by 3.4% in the 3rd quarter. LS Investment Advisors LLC now owns 23,972 shares of the specialty chemicals company’s stock valued at $2,605,000 after acquiring an additional 784 shares during the last quarter. Private Advisor Group LLC lifted its holdings in PPG Industries by 19.2% in the 3rd quarter. Private Advisor Group LLC now owns 16,278 shares of the specialty chemicals company’s stock valued at $1,827,000 after acquiring an additional 2,626 shares during the last quarter. Finally, Norinchukin Bank The lifted its holdings in PPG Industries by 7.4% in the 3rd quarter. Norinchukin Bank The now owns 19,089 shares of the specialty chemicals company’s stock valued at $2,074,000 after acquiring an additional 1,310 shares during the last quarter. Hedge funds and other institutional investors own 73.53% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) opened at $115.40 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.22 and a current ratio of 1.66. PPG Industries, Inc. has a 52 week low of $100.34 and a 52 week high of $122.07. The company has a market cap of $29,026.13, a PE ratio of 18.29, a price-to-earnings-growth ratio of 2.03 and a beta of 1.58.
PPG Industries announced that its board has approved a share repurchase plan on Thursday, December 14th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed 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 yield of 1.56%. The ex-dividend date is Thursday, February 15th. PPG Industries’s dividend payout ratio is presently 28.53%.
A number of brokerages have weighed in on PPG. Citigroup cut their price target on shares of PPG Industries from $128.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $120.00 price target on shares of PPG Industries in a report on Friday, January 19th. Northcoast Research reissued a “buy” rating and issued a $128.00 price target on shares of PPG Industries in a report on Friday, January 19th. Jefferies Group reissued a “buy” rating and issued a $135.00 price target on shares of PPG Industries in a report on Wednesday, January 3rd. Finally, Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Monday, November 27th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $123.75.
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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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