King Luther Capital Management Corp Decreases Stake in PPG Industries, Inc. (NYSE:PPG)

King Luther Capital Management Corp reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 17.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,900 shares of the specialty chemicals company’s stock after selling 400 shares during the period. King Luther Capital Management Corp’s holdings in PPG Industries were worth $284,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PPG. J.W. Cole Advisors Inc. boosted its position in PPG Industries by 6.7% during the fourth quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company’s stock worth $1,646,000 after purchasing an additional 690 shares in the last quarter. FMR LLC raised its position in PPG Industries by 11.0% during the third quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company’s stock worth $46,512,000 after acquiring an additional 35,571 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of PPG Industries by 137.5% in the fourth quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company’s stock valued at $5,224,000 after purchasing an additional 20,226 shares in the last quarter. Nomura Holdings Inc. increased its stake in shares of PPG Industries by 2.3% during the 3rd quarter. Nomura Holdings Inc. now owns 8,479 shares of the specialty chemicals company’s stock worth $1,101,000 after purchasing an additional 192 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of PPG Industries during the 4th quarter worth approximately $22,048,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Up 0.3 %

PPG stock opened at $131.42 on Friday. PPG Industries, Inc. has a twelve month low of $120.32 and a twelve month high of $152.89. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $30.82 billion, a P/E ratio of 22.20, a PEG ratio of 1.63 and a beta of 1.30. The firm has a 50 day simple moving average of $136.22 and a 200-day simple moving average of $139.96.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter last year, the company posted $1.82 earnings per share. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts predict that PPG Industries, Inc. will post 8.44 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

PPG Industries announced that its board has authorized a share repurchase program on Thursday, April 18th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms recently commented on PPG. Redburn Atlantic lowered PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price objective on the stock. in a research note on Thursday, February 1st. Royal Bank of Canada decreased their price objective on PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. Bank of America lowered their price target on PPG Industries from $167.00 to $164.00 and set a “buy” rating for the company in a report on Monday, April 22nd. UBS Group lowered their target price on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Finally, Seaport Res Ptn raised shares of PPG Industries from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $155.47.

Insiders Place Their Bets

In related news, CEO Timothy M. Knavish bought 2,061 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were purchased at an average cost of $133.24 per share, with a total value of $274,607.64. Following the completion of the transaction, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other PPG Industries news, CEO Timothy M. Knavish acquired 2,061 shares of PPG Industries stock in a transaction dated Wednesday, May 8th. The stock was acquired at an average cost of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the transaction, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,774,388.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by corporate insiders.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.