BI Asset Management Fondsmaeglerselskab A S Has $3.12 Million Holdings in PPG Industries, Inc. (NYSE:PPG)

BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of PPG Industries, Inc. (NYSE:PPGFree Report) by 101.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,514 shares of the specialty chemicals company’s stock after purchasing an additional 10,814 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in PPG Industries were worth $3,117,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PPG. Norges Bank acquired a new stake in shares of PPG Industries during the 4th quarter worth approximately $554,685,000. Vanguard Group Inc. grew its holdings in shares of PPG Industries by 17.2% during the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock worth $3,661,083,000 after purchasing an additional 3,600,558 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of PPG Industries by 4,484.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock worth $108,228,000 after purchasing an additional 707,903 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of PPG Industries during the 4th quarter worth approximately $74,492,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of PPG Industries by 37.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock worth $270,876,000 after purchasing an additional 496,998 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

Insider Activity

In other news, CEO Timothy M. Knavish purchased 2,061 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were acquired at an average price of $133.24 per share, with a total value of $274,607.64. Following the completion of the purchase, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,774,388.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by insiders.

PPG Industries Trading Up 1.1 %

Shares of PPG opened at $126.67 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a 12-month low of $120.32 and a 12-month high of $152.89. The firm has a market capitalization of $29.70 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 1.58 and a beta of 1.26. The stock’s fifty day simple moving average is $129.97 and its 200-day simple moving average is $137.11.

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

PPG Industries declared that its board has authorized a stock repurchase plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 8.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PPG. Citigroup lowered their price target on PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research report on Wednesday, April 10th. BMO Capital Markets lowered their price target on PPG Industries from $168.00 to $165.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 23rd. KeyCorp lowered their price target on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on PPG Industries from $160.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Finally, UBS Group lowered their price target on PPG Industries from $150.00 to $140.00 and set a “neutral” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.80.

Check Out Our Latest Analysis on PPG

PPG Industries Profile

(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.

Further Reading

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

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