Mackenzie Financial Corp acquired a new stake in PPG Industries, Inc. (NYSE:PPG) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 8,417 shares of the specialty chemicals company’s stock, valued at approximately $983,000.
Several other institutional investors also recently bought and sold shares of PPG. APG Asset Management N.V. lifted its stake in PPG Industries by 108.6% during the fourth quarter. APG Asset Management N.V. now owns 1,087,338 shares of the specialty chemicals company’s stock valued at $105,782,000 after purchasing an additional 566,100 shares during the last quarter. Wells Fargo & Company MN lifted its stake in PPG Industries by 18.8% during the third quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after purchasing an additional 509,356 shares during the last quarter. Capital Analysts LLC lifted its stake in PPG Industries by 1,300.7% during the fourth quarter. Capital Analysts LLC now owns 401,262 shares of the specialty chemicals company’s stock valued at $43,870,000 after purchasing an additional 372,614 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in PPG Industries by 7.9% during the third quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after purchasing an additional 199,074 shares during the last quarter. Finally, BlackRock Inc. lifted 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 valued at $1,745,724,000 after purchasing an additional 175,593 shares during the last quarter. Institutional investors and hedge funds own 76.90% of the company’s stock.
In other PPG Industries news, VP Jean-Marie Greindl sold 9,500 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now owns 27,685 shares in the company, valued at approximately $3,205,646.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.33% of the stock is currently owned by corporate insiders.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.01. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $1.19 EPS. research analysts forecast that PPG Industries, Inc. will post 6.55 earnings per share for the current year.
PPG Industries announced that its board has initiated a share repurchase program on Thursday, December 14th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be given a $0.45 dividend. The ex-dividend date is Thursday, February 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.53%. PPG Industries’s dividend payout ratio (DPR) is presently 28.53%.
Several analysts recently commented on PPG shares. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Royal Bank of Canada reissued a “hold” rating and set a $115.00 target price on shares of PPG Industries in a research note on Wednesday, January 17th. Raymond James Financial started coverage on shares of PPG Industries in a research note on Tuesday, December 19th. They set an “outperform” rating and a $139.00 target price for the company. Wells Fargo & Co reissued a “market perform” rating and set a $120.00 target price (up from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Finally, Atlantic Securities lowered shares of PPG Industries from an “overweight” rating to a “neutral” rating in a research note on Wednesday, January 17th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. PPG Industries currently has an average rating of “Hold” and a consensus price target of $124.19.
PPG Industries 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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