1832 Asset Management L.P. Acquires 195,000 Shares of PPG Industries, Inc. (NYSE:PPG)

1832 Asset Management L.P. lifted its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 3,039.8% in the first quarter, Holdings Channel.com reports. The fund owned 201,415 shares of the specialty chemicals company’s stock after purchasing an additional 195,000 shares during the quarter. 1832 Asset Management L.P.’s holdings in PPG Industries were worth $29,185,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Wealth Management Group LLC bought a new position in shares of PPG Industries during the 4th quarter worth about $27,000. CVA Family Office LLC bought a new position in shares of PPG Industries during the 4th quarter worth about $28,000. Richardson Financial Services Inc. bought a new position in shares of PPG Industries during the 4th quarter worth about $29,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of PPG Industries during the 4th quarter worth about $29,000. Finally, LifeSteps Financial Inc. acquired a new stake in shares of PPG Industries during the 1st quarter worth about $29,000. 81.86% of the stock is owned by institutional investors.

PPG Industries Trading Up 1.3 %

PPG Industries stock traded up $1.61 during midday trading on Friday, hitting $127.55. 1,579,781 shares of the stock were exchanged, compared to its average volume of 1,561,094. The company has a fifty day simple moving average of $128.79 and a two-hundred day simple moving average of $135.55. PPG Industries, Inc. has a 52 week low of $120.32 and a 52 week high of $151.16. The stock has a market capitalization of $29.76 billion, a PE ratio of 21.55, a P/E/G ratio of 1.72 and a beta of 1.26. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.02. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same quarter last year, the firm earned $2.25 EPS. PPG Industries’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that PPG Industries, Inc. will post 8.26 EPS for the current fiscal year.

PPG Industries declared that its Board of Directors has authorized a share buyback plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 8.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.72 dividend on an annualized basis and a yield of 2.13%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s payout ratio is presently 43.92%.

Insider Buying and Selling at PPG Industries

In related news, CEO Timothy M. Knavish purchased 2,061 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were purchased at an average price of $133.24 per share, with a total value of $274,607.64. Following the completion of the purchase, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,774,388.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

PPG has been the subject of a number of recent analyst reports. Evercore ISI cut shares of PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 target price for the company. in a research report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft dropped their target price on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $150.00 to $163.00 in a research report on Thursday, April 11th. Citigroup lowered their price objective on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, KeyCorp lowered their price objective on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Company Profile

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.