Eaton Vance Management lifted its position in PPG Industries, Inc. (NYSE:PPG) by 10.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 562,164 shares of the specialty chemicals company’s stock after acquiring an additional 51,628 shares during the period. Eaton Vance Management’s holdings in PPG Industries were worth $65,672,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cerebellum GP LLC acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $128,000. SeaCrest Wealth Management LLC acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $132,000. Crewe Advisors LLC acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $136,000. NuWave Investment Management LLC acquired a new stake in shares of PPG Industries in the 4th quarter valued at about $150,000. Finally, Checchi Capital Advisers LLC acquired a new stake in shares of PPG Industries in the 3rd quarter valued at about $200,000. 73.53% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have weighed in on PPG shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $120.00 price objective on shares of PPG Industries in a research report on Friday, January 19th. Citigroup decreased their price objective on PPG Industries from $128.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Wells Fargo & Co reaffirmed a “market perform” rating and set a $120.00 price objective (up from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Northcoast Research reaffirmed a “buy” rating and set a $128.00 price objective on shares of PPG Industries in a research report on Friday, January 19th. Finally, Atlantic Securities cut PPG Industries from an “overweight” rating to a “neutral” rating in a research report on Wednesday, January 17th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Hold” and a consensus target price of $123.75.
In other news, VP Jean-Marie Greindl sold 9,500 shares of the stock in a transaction that occurred on 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 completion of the transaction, the vice president now directly owns 27,685 shares of the company’s stock, valued at approximately $3,205,646.15. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.72% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) opened at $117.46 on Friday. The stock has a market capitalization of $28,951.17, a P/E ratio of 18.61, a PEG ratio of 2.02 and a beta of 1.58. PPG Industries, Inc. has a one year low of $100.34 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.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 EPS. research analysts anticipate that PPG Industries, Inc. will post 6.57 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Stockholders 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 dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is 28.53%.
PPG Industries declared that its Board of Directors has initiated a share repurchase program on Thursday, December 14th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.
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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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