Daiwa Securities Group Inc. Has $7.26 Million Position in PPG Industries, Inc. (PPG)
Daiwa Securities Group Inc. reduced its position in shares of PPG Industries, Inc. (NYSE:PPG) by 14.7% in the 4th quarter, HoldingsChannel reports. The firm owned 62,173 shares of the specialty chemicals company’s stock after selling 10,721 shares during the period. Daiwa Securities Group Inc.’s holdings in PPG Industries were worth $7,263,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PPG. Cerebellum GP LLC purchased a new position in PPG Industries during the fourth quarter worth about $128,000. SeaCrest Wealth Management LLC purchased a new position in PPG Industries during the fourth quarter worth about $132,000. Bristlecone Advisors LLC purchased a new position in PPG Industries during the third quarter worth about $179,000. Checchi Capital Advisers LLC purchased a new position in PPG Industries during the third quarter worth about $200,000. Finally, V Wealth Management LLC purchased a new position in PPG Industries during the fourth quarter worth about $204,000. 74.83% of the stock is owned by hedge funds and other institutional investors.
PPG has been the subject of several analyst reports. Jefferies Group reissued a “buy” rating and set a $135.00 price target on shares of PPG Industries in a report on Wednesday, January 3rd. Credit Suisse Group set a $119.00 target price on shares of PPG Industries and gave the stock a “buy” rating in a research report on Friday, October 20th. Northcoast Research restated a “buy” rating and set a $128.00 target price on shares of PPG Industries in a research report on Friday, January 19th. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Bank of America set a $120.00 target price on shares of PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $123.35.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.19 earnings per share. equities analysts anticipate that PPG Industries, Inc. will post 6.57 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a $0.45 dividend. The ex-dividend date is Thursday, February 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.60%. PPG Industries’s dividend payout ratio is presently 28.53%.
PPG Industries announced that its board has approved a stock repurchase plan on Thursday, December 14th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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