Rhumbline Advisers lifted its position in shares of PPG Industries, Inc. (NYSE:PPG) by 2.8% during the fourth quarter, HoldingsChannel reports. The firm owned 438,607 shares of the specialty chemicals company’s stock after buying an additional 11,963 shares during the quarter. Rhumbline Advisers’ holdings in PPG Industries were worth $51,238,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cerebellum GP LLC bought a new position in shares of PPG Industries during the fourth quarter worth $128,000. SeaCrest Wealth Management LLC bought a new stake in PPG Industries in the 4th quarter valued at $132,000. NuWave Investment Management LLC bought a new stake in PPG Industries in the 4th quarter valued at $150,000. Bristlecone Advisors LLC bought a new stake in PPG Industries in the 3rd quarter valued at $179,000. Finally, V Wealth Management LLC bought a new stake in PPG Industries in the 4th quarter valued at $204,000. 73.53% of the stock is currently owned by institutional investors.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at $116.16 on Monday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.22 and a current ratio of 1.66. PPG Industries, Inc. has a 52-week low of $100.34 and a 52-week high of $122.07. The company has a market cap of $29,026.13, a PE ratio of 19.72, a price-to-earnings-growth ratio of 2.03 and a beta of 1.58.
PPG Industries announced that its Board of Directors has approved a stock repurchase program on Thursday, December 14th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm 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. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.80 annualized dividend and a yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
Several equities research analysts recently commented on PPG shares. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $115.00 price objective on shares of PPG Industries in a research report on Wednesday, January 17th. Raymond James Financial started coverage on shares of PPG Industries in a research report on Tuesday, December 19th. They issued an “outperform” rating and a $139.00 price objective on the stock. Citigroup boosted their price objective on shares of PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a research report on Wednesday, January 3rd. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $123.75.
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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