Union Bankshares Corp cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 87.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,604 shares of the specialty chemicals company’s stock after selling 25,241 shares during the period. Union Bankshares Corp’s holdings in PPG Industries were worth $421,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Bruderman Asset Management LLC purchased a new stake in PPG Industries during the second quarter valued at approximately $105,000. Bristlecone Advisors LLC purchased a new stake in PPG Industries during the third quarter valued at approximately $179,000. Ropes Wealth Advisors LLC raised its position in PPG Industries by 5.0% during the second quarter. Ropes Wealth Advisors LLC now owns 1,743 shares of the specialty chemicals company’s stock valued at $192,000 after purchasing an additional 83 shares during the period. Checchi Capital Advisers LLC purchased a new stake in PPG Industries during the third quarter valued at approximately $200,000. Finally, Sun Life Financial INC raised its position in PPG Industries by 12,386.7% during the second quarter. Sun Life Financial INC now owns 1,873 shares of the specialty chemicals company’s stock valued at $206,000 after purchasing an additional 1,858 shares during the period. 74.99% of the stock is owned by institutional investors.
A number of equities research analysts have issued reports on PPG shares. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Credit Suisse Group set a $119.00 price objective on PPG Industries and gave the company a “buy” rating in a research report on Friday, October 20th. Raymond James Financial started coverage on PPG Industries in a research report on Tuesday, December 19th. They set an “outperform” rating and a $139.00 price objective on the stock. Citigroup upped their price objective on PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Finally, Robert W. Baird upped their price objective on PPG Industries from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, October 20th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $121.56.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share for the quarter, hitting the consensus estimate of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same period in the prior year, the business posted $1.56 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. research analysts expect that PPG Industries, Inc. will post 5.89 EPS for the current year.
PPG Industries declared that its Board of Directors has initiated a stock repurchase program on Thursday, December 14th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th were issued a $0.45 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.80 annualized dividend and a dividend yield of 1.52%. PPG Industries’s payout ratio is 35.86%.
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PPG Industries Company Profile
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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