The Manufacturers Life Insurance Company Decreases Holdings in PPG Industries, Inc. (NYSE:PPG)

The Manufacturers Life Insurance Company trimmed its stake in shares of PPG Industries, Inc. (NYSE:PPGFree Report) by 4.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,333 shares of the specialty chemicals company’s stock after selling 8,313 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of PPG Industries worth $23,978,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PPG. California State Teachers Retirement System lifted its stake in shares of PPG Industries by 6.0% in the fourth quarter. California State Teachers Retirement System now owns 411,561 shares of the specialty chemicals company’s stock worth $61,549,000 after buying an additional 23,189 shares in the last quarter. FinTrust Capital Advisors LLC lifted its stake in shares of PPG Industries by 38.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 273 shares of the specialty chemicals company’s stock worth $41,000 after buying an additional 76 shares in the last quarter. Eagle Asset Management Inc. lifted its stake in shares of PPG Industries by 14.0% in the fourth quarter. Eagle Asset Management Inc. now owns 527,017 shares of the specialty chemicals company’s stock worth $78,815,000 after buying an additional 64,719 shares in the last quarter. Bank of Nova Scotia lifted its stake in shares of PPG Industries by 4.1% in the fourth quarter. Bank of Nova Scotia now owns 81,374 shares of the specialty chemicals company’s stock worth $12,169,000 after buying an additional 3,202 shares in the last quarter. Finally, Scotia Capital Inc. lifted its stake in shares of PPG Industries by 3.3% in the fourth quarter. Scotia Capital Inc. now owns 2,938 shares of the specialty chemicals company’s stock worth $439,000 after buying an additional 93 shares in the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at PPG Industries

In other PPG Industries news, CEO Timothy M. Knavish acquired 2,061 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was purchased at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the acquisition, the chief executive officer now owns 35,833 shares of the company’s stock, valued at approximately $4,774,388.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.55% of the company’s stock.

PPG Industries Price Performance

Shares of PPG opened at $128.41 on Friday. PPG Industries, Inc. has a 1-year low of $120.32 and a 1-year high of $152.89. The stock has a market cap of $30.11 billion, a PE ratio of 21.69, a P/E/G ratio of 1.62 and a beta of 1.28. The firm has a 50-day simple moving average of $133.78 and a two-hundred day simple moving average of $139.79. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08.

PPG Industries (NYSE:PPGGet Free Report) last announced its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.86. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period last year, the business earned $1.82 earnings per share. As a group, analysts forecast that PPG Industries, Inc. will post 8.44 EPS for the current year.

PPG Industries declared that its Board of Directors has initiated a share repurchase program on Thursday, April 18th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

PPG Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is currently 43.92%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. KeyCorp decreased their price target on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday, April 22nd. Seaport Res Ptn raised shares of PPG Industries from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd. Barclays cut their price objective on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Evercore ISI cut shares of PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price objective for the company. in a research report on Monday, April 22nd. Finally, Royal Bank of Canada cut their price objective on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $155.47.

View Our Latest Stock Report on PPG

About PPG Industries

(Free Report)

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.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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