Stock Buyback Program Declared by PPG Industries (PPG) Board of Directors
PPG Industries (NYSE:PPG) declared that its board has approved a share buyback plan, which authorizes the company to buyback $2.50 billion in shares on Thursday, December 14th, EventVestor reports. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
PPG has been the subject of a number of research analyst reports. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the company a “buy” rating in a research note on Friday, October 20th. Jefferies Group reaffirmed a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research note on Thursday, October 19th. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Robert W. Baird reaffirmed a “buy” rating and set a $115.00 price objective on shares of PPG Industries in a research note on Friday, September 1st. Finally, Bank of America set a $120.00 price objective on shares of PPG Industries and gave the company a “hold” rating in a research note on Friday, October 20th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $119.40.
Shares of PPG Industries (NYSE PPG) opened at $115.09 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68. PPG Industries has a fifty-two week low of $93.80 and a fifty-two week high of $119.85. The stock has a market capitalization of $29,582.82, a PE ratio of 19.74, a PEG ratio of 2.32 and a beta of 1.59.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Thursday, November 9th. PPG Industries’s payout ratio is currently 26.12%.
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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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