RFG Advisory LLC purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 2,592 shares of the specialty chemicals company’s stock, valued at approximately $346,000.
Several other hedge funds have also recently added to or reduced their stakes in PPG. FMR LLC grew its holdings in PPG Industries by 27.8% in the first quarter. FMR LLC now owns 169,739 shares of the specialty chemicals company’s stock worth $19,158,000 after purchasing an additional 36,888 shares during the period. Man Group plc grew its holdings in PPG Industries by 22.8% in the second quarter. Man Group plc now owns 38,469 shares of the specialty chemicals company’s stock worth $4,490,000 after purchasing an additional 7,148 shares during the period. AQR Capital Management LLC grew its holdings in PPG Industries by 191.3% in the second quarter. AQR Capital Management LLC now owns 180,052 shares of the specialty chemicals company’s stock worth $20,852,000 after purchasing an additional 118,236 shares during the period. Morgan Stanley grew its holdings in PPG Industries by 19.8% in the second quarter. Morgan Stanley now owns 813,175 shares of the specialty chemicals company’s stock worth $94,906,000 after purchasing an additional 134,654 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in PPG Industries in the second quarter worth about $1,747,000. 77.07% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Michael H. Mcgarry sold 30,450 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $130.00, for a total value of $3,958,500.00. Following the sale, the chief executive officer now owns 149,884 shares in the company, valued at $19,484,920. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.37% of the company’s stock.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, January 16th. The specialty chemicals company reported $1.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.34 by ($0.03). PPG Industries had a return on equity of 28.55% and a net margin of 8.21%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the business posted $1.15 EPS. The company’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that PPG Industries, Inc. will post 6.61 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Tuesday, January 21st will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, February 20th. PPG Industries’s dividend payout ratio is currently 32.80%.
A number of equities research analysts have recently commented on the stock. Berenberg Bank assumed coverage on shares of PPG Industries in a report on Wednesday, November 6th. They set a “buy” rating and a $150.00 price target on the stock. Robert W. Baird increased their price target on shares of PPG Industries from $130.00 to $145.00 and gave the company an “outperform” rating in a report on Thursday, December 5th. Royal Bank of Canada cut their price target on shares of PPG Industries from $141.00 to $138.00 and set an “outperform” rating on the stock in a report on Wednesday. Morgan Stanley reiterated an “equal weight” rating and set a $130.00 price target on shares of PPG Industries in a report on Friday, November 1st. Finally, Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 price target on the stock. in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. PPG Industries currently has an average rating of “Hold” and a consensus price target of $131.28.
PPG Industries Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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