New Mexico Educational Retirement Board increased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,668 shares of the specialty chemicals company’s stock after purchasing an additional 900 shares during the period. New Mexico Educational Retirement Board’s holdings in PPG Industries were worth $2,882,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in PPG. Cetera Investment Advisers acquired a new stake in PPG Industries during the second quarter worth about $597,000. Lord Abbett & CO. LLC increased its position in PPG Industries by 5.8% during the second quarter. Lord Abbett & CO. LLC now owns 265,900 shares of the specialty chemicals company’s stock worth $29,238,000 after purchasing an additional 14,500 shares during the last quarter. Intl Fcstone Inc. acquired a new stake in PPG Industries during the second quarter worth about $371,000. Burgundy Asset Management Ltd. increased its position in PPG Industries by 0.3% during the second quarter. Burgundy Asset Management Ltd. now owns 299,436 shares of the specialty chemicals company’s stock worth $32,926,000 after purchasing an additional 812 shares during the last quarter. Finally, Pensionfund DSM Netherlands acquired a new stake in PPG Industries during the third quarter worth about $3,477,000. Hedge funds and other institutional investors own 74.83% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE PPG) opened at $116.32 on Thursday. PPG Industries, Inc. has a 12-month low of $100.34 and a 12-month high of $122.07. The firm has a market cap of $29,152.76, a PE ratio of 19.45, a price-to-earnings-growth ratio of 2.00 and a beta of 1.58. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.26 and a current ratio of 1.65.
PPG Industries declared that its board has approved a stock buyback plan on Thursday, December 14th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s dividend payout ratio is presently 28.53%.
PPG has been the subject of several recent analyst reports. Bank of America set a $120.00 price objective on shares of PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, December 20th. Citigroup raised their price objective on shares of PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Robert W. Baird raised their price objective on shares of PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Finally, Royal Bank of Canada restated a “hold” rating and set a $115.00 price objective on shares of PPG Industries in a research report on Wednesday, January 17th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $123.75.
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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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