Nuveen Asset Management LLC Has $83.54 Million Position in PPG Industries, Inc. (NYSE:PPG)

Nuveen Asset Management LLC reduced its position in shares of PPG Industries, Inc. (NYSE:PPG) by 10.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 699,360 shares of the specialty chemicals company’s stock after selling 85,639 shares during the period. Nuveen Asset Management LLC owned about 0.30% of PPG Industries worth $83,539,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. PUREfi Wealth LLC bought a new position in PPG Industries during the 4th quarter valued at about $279,000. Vanguard Group Inc. lifted its holdings in PPG Industries by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company’s stock valued at $3,508,210,000 after purchasing an additional 756,937 shares during the last quarter. Avanza Fonder AB bought a new position in PPG Industries during the 4th quarter valued at about $2,944,000. Lebenthal Global Advisors LLC bought a new position in PPG Industries during the 4th quarter valued at about $409,000. Finally, Union Bancaire Privee UBP SA bought a new position in PPG Industries during the 4th quarter valued at about $2,543,000. 81.86% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. StockNews.com downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, February 3rd. Seaport Res Ptn downgraded shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Argus downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. dropped their target price on shares of PPG Industries from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Finally, Royal Bank of Canada boosted their target price on shares of PPG Industries from $112.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Friday, May 2nd. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PPG Industries currently has a consensus rating of “Moderate Buy” and an average price target of $128.42.

PPG Industries Stock Up 0.8%

Shares of NYSE:PPG opened at $113.99 on Friday. PPG Industries, Inc. has a one year low of $90.24 and a one year high of $137.24. The company has a 50 day moving average of $106.44 and a 200-day moving average of $115.13. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The stock has a market cap of $25.88 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 2.19 and a beta of 1.20.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.62 by $0.10. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the company earned $1.87 EPS. PPG Industries’s revenue was down 4.3% on a year-over-year basis. On average, sell-side analysts forecast that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Monday, May 12th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend is Monday, May 12th. PPG Industries’s dividend payout ratio is currently 58.24%.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.