Alberta Investment Management Corp purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,300 shares of the specialty chemicals company’s stock, valued at approximately $2,617,000.
Other hedge funds have also modified their holdings of the company. Savior LLC acquired a new position in shares of PPG Industries during the fourth quarter worth approximately $26,000. Tompkins Financial Corp lifted its holdings in shares of PPG Industries by 54.6% during the fourth quarter. Tompkins Financial Corp now owns 235 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 83 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of PPG Industries during the fourth quarter worth approximately $33,000. Coastal Investment Advisors Inc. lifted its holdings in shares of PPG Industries by 45.2% during the fourth quarter. Coastal Investment Advisors Inc. now owns 331 shares of the specialty chemicals company’s stock worth $43,000 after buying an additional 103 shares during the last quarter. Finally, Valeo Financial Advisors LLC lifted its holdings in shares of PPG Industries by 55.8% during the first quarter. Valeo Financial Advisors LLC now owns 483 shares of the specialty chemicals company’s stock worth $46,000 after buying an additional 173 shares during the last quarter. Institutional investors own 77.64% of the company’s stock.
A number of research analysts have recently commented on the company. Citigroup upped their price target on PPG Industries from $107.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Susquehanna Bancshares cut their price target on PPG Industries from $140.00 to $82.00 and set a “neutral” rating for the company in a report on Monday, April 6th. BMO Capital Markets cut their target price on PPG Industries from $100.00 to $98.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Wells Fargo & Co cut their target price on PPG Industries from $155.00 to $110.00 and set an “overweight” rating for the company in a research note on Thursday, March 26th. Finally, Morgan Stanley cut their target price on PPG Industries from $130.00 to $95.00 and set an “equal weight” rating for the company in a research note on Monday, March 30th. Twelve analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $108.35.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Monday, April 27th. The specialty chemicals company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. The business had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.42 billion. PPG Industries had a return on equity of 27.56% and a net margin of 7.88%. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.38 EPS. As a group, analysts forecast that PPG Industries, Inc. will post 4.33 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Monday, May 11th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Friday, May 8th. PPG Industries’s dividend payout ratio is presently 32.80%.
PPG Industries Company 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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