PPG Industries, Inc. (PPG) Shares Sold by Cubist Systematic Strategies LLC
Cubist Systematic Strategies LLC trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 84.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,762 shares of the specialty chemicals company’s stock after selling 14,527 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in PPG Industries were worth $300,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of PPG Industries by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock worth $2,171,845,000 after buying an additional 310,086 shares during the period. Wells Fargo & Company MN raised its stake in PPG Industries by 18.8% in the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after purchasing an additional 509,356 shares during the last quarter. Nordea Investment Management AB raised its stake in PPG Industries by 3.1% in the 3rd quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock valued at $309,054,000 after purchasing an additional 85,980 shares during the last quarter. Bank of New York Mellon Corp raised its stake in PPG Industries by 7.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after purchasing an additional 199,074 shares during the last quarter. Finally, Parnassus Investments CA raised its stake in PPG Industries by 3.9% in the 3rd quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock valued at $266,850,000 after purchasing an additional 91,417 shares during the last quarter. 74.99% of the stock is owned by institutional investors and hedge funds.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at $118.92 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $30,260.00, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 2.11 and a beta of 1.60. PPG Industries, Inc. has a twelve month low of $94.62 and a twelve month high of $119.85.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.52. The company had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.56 EPS. equities research analysts anticipate that PPG Industries, Inc. will post 5.89 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 10th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.51%. The ex-dividend date was Thursday, November 9th. PPG Industries’s payout ratio is currently 35.86%.
PPG Industries announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 14th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.
Several research firms recently commented on PPG. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research note on Thursday. Jefferies Group reissued a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a research note on Wednesday. Citigroup increased their price objective on PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Raymond James Financial began coverage on PPG Industries in a research note on Tuesday, December 19th. They issued an “outperform” rating and a $139.00 price objective for the company. Finally, Wells Fargo & Co reissued a “market perform” rating and issued a $120.00 price objective (up from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $121.56.
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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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