State of Tennessee Treasury Department Purchases 21,696 Shares of PPG Industries, Inc. (NYSE:PPG)

State of Tennessee Treasury Department grew its position in shares of PPG Industries, Inc. (NYSE:PPGFree Report) by 13.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 185,104 shares of the specialty chemicals company’s stock after acquiring an additional 21,696 shares during the period. State of Tennessee Treasury Department’s holdings in PPG Industries were worth $27,682,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Valued Wealth Advisors LLC bought a new position in shares of PPG Industries during the fourth quarter valued at about $26,000. SJS Investment Consulting Inc. raised its stake in PPG Industries by 588.5% in the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 153 shares in the last quarter. Private Wealth Management Group LLC bought a new position in PPG Industries in the fourth quarter worth about $27,000. CVA Family Office LLC bought a new position in PPG Industries in the fourth quarter worth about $28,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in PPG Industries in the fourth quarter worth about $29,000. 81.86% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Timothy M. Knavish purchased 2,061 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was purchased at an average cost of $133.24 per share, with a total value of $274,607.64. Following the purchase, the chief executive officer now owns 35,833 shares in the company, valued at $4,774,388.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PPG. UBS Group decreased their price target on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Barclays decreased their price target on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating for the company in a research note on Monday, April 22nd. Bank of America decreased their price target on shares of PPG Industries from $167.00 to $164.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. BMO Capital Markets decreased their price target on shares of PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. Finally, Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. One investment 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, PPG Industries presently has an average rating of “Moderate Buy” and a consensus price target of $155.47.

Read Our Latest Report on PPG Industries

PPG Industries Stock Performance

Shares of NYSE PPG opened at $128.46 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.08 and a current ratio of 1.55. The company has a market cap of $30.12 billion, a P/E ratio of 21.70, a P/E/G ratio of 1.59 and a beta of 1.28. The firm’s fifty day moving average is $133.48 and its two-hundred day moving average is $139.78. PPG Industries, Inc. has a 52-week low of $120.32 and a 52-week high of $152.89.

PPG Industries (NYSE:PPGGet Free Report) last issued its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.43 billion. During the same period last year, the company posted $1.82 EPS. The business’s revenue was down 1.6% on a year-over-year basis. As a group, analysts anticipate that PPG Industries, Inc. will post 8.44 EPS for the current fiscal year.

PPG Industries announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 18th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

PPG Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.02%. PPG Industries’s payout ratio is currently 43.92%.

PPG Industries Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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