CIBC Asset Management Inc reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 18.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 22,301 shares of the specialty chemicals company’s stock after selling 4,895 shares during the period. CIBC Asset Management Inc’s holdings in PPG Industries were worth $2,517,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of PPG. Trian Fund Management L.P. lifted its stake in shares of PPG Industries by 69.2% during the 4th quarter. Trian Fund Management L.P. now owns 7,009,412 shares of the specialty chemicals company’s stock worth $716,572,000 after acquiring an additional 2,866,150 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of PPG Industries by 10,003.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,810,405 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 2,782,589 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of PPG Industries by 2.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 24,144,052 shares of the specialty chemicals company’s stock worth $2,468,246,000 after acquiring an additional 643,315 shares during the last quarter. Morgan Stanley lifted its stake in shares of PPG Industries by 43.6% during the 3rd quarter. Morgan Stanley now owns 1,239,867 shares of the specialty chemicals company’s stock worth $135,306,000 after acquiring an additional 376,348 shares during the last quarter. Finally, Norges Bank bought a new stake in PPG Industries during the 4th quarter valued at $36,143,000. 79.33% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on PPG. Zacks Investment Research raised PPG Industries from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a research report on Wednesday, April 24th. Buckingham Research lifted their target price on PPG Industries from $108.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Barclays lifted their target price on PPG Industries from $115.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Deutsche Bank lifted their target price on PPG Industries from $120.00 to $134.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. They noted that the move was a valuation call. Finally, KeyCorp lifted their target price on PPG Industries from $117.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $117.89.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.17. The firm had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.69 billion. PPG Industries had a return on equity of 28.72% and a net margin of 8.67%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.39 EPS. Research analysts expect that PPG Industries, Inc. will post 6.31 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s payout ratio is 32.43%.
PPG Industries Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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