Renaissance Technologies LLC bought a new stake in shares of PPG Industries, Inc. (NYSE:PPG) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 429,300 shares of the specialty chemicals company’s stock, valued at approximately $50,151,000. Renaissance Technologies LLC owned about 0.17% of PPG Industries as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in PPG. BlackRock Inc. lifted its stake in PPG Industries by 1.2% in the 4th quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock worth $1,745,724,000 after acquiring an additional 175,593 shares in the last quarter. Wells Fargo & Company MN lifted its stake in PPG Industries by 18.8% in the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock worth $348,987,000 after acquiring an additional 509,356 shares in the last quarter. Nordea Investment Management AB lifted its stake in PPG Industries by 3.1% in the 3rd quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock worth $309,054,000 after acquiring an additional 85,980 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in PPG Industries by 7.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock worth $296,017,000 after acquiring an additional 199,074 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in PPG Industries by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 2,423,441 shares of the specialty chemicals company’s stock worth $282,440,000 after acquiring an additional 55,033 shares in the last quarter. 76.90% of the stock is owned by institutional investors and hedge funds.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at $114.28 on Friday. PPG Industries, Inc. has a one year low of $100.45 and a one year high of $122.07. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.22 and a current ratio of 1.66. The firm has a market capitalization of $28,746.26, a PE ratio of 19.53, a PEG ratio of 1.99 and a beta of 1.56.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Thursday, February 15th. PPG Industries’s dividend payout ratio is 28.53%.
PPG Industries declared that its Board of Directors has approved a share buyback plan on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Several brokerages recently issued reports on PPG. Northcoast Research reissued a “buy” rating and issued a $128.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $120.00 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. Jefferies Group reissued a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a research note on Wednesday, January 3rd. Finally, Citigroup reduced their price objective on PPG Industries from $128.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and a consensus price target of $124.13.
In other news, VP Jean-Marie Greindl sold 9,500 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $115.79, for a total transaction of $1,100,005.00. Following the transaction, the vice president now owns 27,685 shares of the company’s stock, valued at approximately $3,205,646.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This news story was originally published by Week Herald and is owned by of Week Herald. If you are accessing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The correct version of this news story can be viewed at https://weekherald.com/2018/03/16/renaissance-technologies-llc-buys-shares-of-429300-ppg-industries-inc-ppg.html.
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.
Want to see what other hedge funds are holding PPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PPG Industries, Inc. (NYSE:PPG).
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.