Metropolitan Life Insurance Co. NY trimmed its stake in PPG Industries, Inc. (NYSE:PPG) by 62.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,069 shares of the specialty chemicals company’s stock after selling 82,140 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in PPG Industries were worth $5,849,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. TIAA FSB grew its stake in PPG Industries by 6.2% during the fourth quarter. TIAA FSB now owns 30,031 shares of the specialty chemicals company’s stock worth $3,508,000 after buying an additional 1,744 shares during the period. Private Advisor Group LLC grew its stake in PPG Industries by 19.2% during the third quarter. Private Advisor Group LLC now owns 16,278 shares of the specialty chemicals company’s stock worth $1,827,000 after buying an additional 2,626 shares during the period. Norinchukin Bank The grew its stake in PPG Industries by 7.4% during the third quarter. Norinchukin Bank The now owns 19,089 shares of the specialty chemicals company’s stock worth $2,074,000 after buying an additional 1,310 shares during the period. Bessemer Group Inc. grew its stake in PPG Industries by 90.8% during the third quarter. Bessemer Group Inc. now owns 3,107 shares of the specialty chemicals company’s stock worth $337,000 after buying an additional 1,479 shares during the period. Finally, BlackRock Inc. grew its stake in PPG Industries by 1.2% during the fourth quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock worth $1,745,724,000 after buying an additional 175,593 shares during the period. Hedge funds and other institutional investors own 76.81% of the company’s stock.
Several equities research analysts have issued reports on PPG shares. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Jefferies Group reissued a “buy” rating and set a $135.00 target price on shares of PPG Industries in a research report on Wednesday, January 3rd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $120.00 target price on shares of PPG Industries in a research report on Friday, January 19th. Royal Bank of Canada reissued a “hold” rating and set a $115.00 target price on shares of PPG Industries in a research report on Wednesday, January 17th. Finally, ValuEngine cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. PPG Industries currently has an average rating of “Hold” and an average price target of $124.13.
Shares of PPG Industries stock opened at $114.93 on Monday. The stock has a market cap of $28,718.78, a price-to-earnings ratio of 19.51, a P/E/G ratio of 1.99 and a beta of 1.56. The company has a quick ratio of 1.22, a current ratio of 1.66 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a twelve month low of $100.45 and a twelve month high of $122.07.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 earnings per share. equities analysts predict that PPG Industries, Inc. will post 6.55 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Friday, February 16th were issued a $0.45 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.80 annualized dividend and a yield of 1.57%. PPG Industries’s dividend payout ratio is presently 28.53%.
PPG Industries announced that its board has initiated a stock repurchase plan on Thursday, December 14th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, VP Jean-Marie Greindl sold 9,500 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $115.79, for a total value of $1,100,005.00. Following the sale, the vice president now directly owns 27,685 shares of the company’s stock, valued at $3,205,646.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.
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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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