LPL Financial LLC Grows Holdings in PPG Industries, Inc. (PPG)
LPL Financial LLC grew its position in shares of PPG Industries, Inc. (NYSE:PPG) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,136 shares of the specialty chemicals company’s stock after purchasing an additional 1,686 shares during the period. LPL Financial LLC’s holdings in PPG Industries were worth $7,492,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in PPG. Nationwide Fund Advisors raised its stake in shares of PPG Industries by 8.6% in the third quarter. Nationwide Fund Advisors now owns 163,286 shares of the specialty chemicals company’s stock valued at $17,743,000 after acquiring an additional 12,888 shares in the last quarter. First Trust Advisors LP raised its stake in shares of PPG Industries by 192.8% in the third quarter. First Trust Advisors LP now owns 23,335 shares of the specialty chemicals company’s stock valued at $2,536,000 after acquiring an additional 15,366 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of PPG Industries by 18.2% in the third quarter. Ameriprise Financial Inc. now owns 1,057,162 shares of the specialty chemicals company’s stock valued at $114,870,000 after acquiring an additional 162,451 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of PPG Industries by 3.3% in the third quarter. Macquarie Group Ltd. now owns 135,385 shares of the specialty chemicals company’s stock valued at $14,711,000 after acquiring an additional 4,325 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC acquired a new stake in shares of PPG Industries in the third quarter valued at $435,000. Institutional investors own 76.81% of the company’s stock.
Several analysts have recently issued reports on the company. Deutsche Bank upgraded PPG Industries from a “hold” rating to a “buy” rating and increased their price objective for the company from $126.00 to $130.00 in a research note on Tuesday. ValuEngine lowered PPG Industries from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Barclays reissued an “equal weight” rating and issued a $122.00 target price (down previously from $125.00) on shares of PPG Industries in a report on Friday, March 2nd. Citigroup dropped their target price on PPG Industries from $128.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Finally, Northcoast Research reissued a “buy” rating and issued a $128.00 target price on shares of PPG Industries in a report on Friday, January 19th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $125.13.
PPG Industries, Inc. (NYSE:PPG) opened at $111.31 on Friday. The stock has a market capitalization of $28,473.89, a PE ratio of 17.64, a price-to-earnings-growth ratio of 1.98 and a beta of 1.56. PPG Industries, Inc. has a twelve month low of $100.45 and a twelve month high of $122.07. The company has a current ratio of 1.66, a quick ratio of 1.22 and a debt-to-equity ratio of 0.73.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) 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 return on equity of 26.76% and a net margin of 10.98%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.19 earnings per share. sell-side analysts forecast that PPG Industries, Inc. will post 6.54 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Thursday, February 15th. PPG Industries’s payout ratio is 28.53%.
PPG Industries declared that its Board of Directors has initiated a stock repurchase program on Thursday, December 14th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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About PPG Industries
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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