Westpac Banking Corp Purchases 21,953 Shares of PPG Industries, Inc. (NYSE:PPG)

Westpac Banking Corp increased its holdings in PPG Industries, Inc. (NYSE:PPGFree Report) by 446.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,867 shares of the specialty chemicals company’s stock after acquiring an additional 21,953 shares during the period. Westpac Banking Corp’s holdings in PPG Industries were worth $4,018,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Invesco Ltd. raised its stake in shares of PPG Industries by 41.1% during the 3rd quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock worth $427,580,000 after purchasing an additional 959,849 shares during the period. Assenagon Asset Management S.A. grew its position in shares of PPG Industries by 4,484.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock valued at $108,228,000 after acquiring an additional 707,903 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of PPG Industries during the 4th quarter worth approximately $74,492,000. Charles Schwab Investment Management Inc. raised its holdings in shares of PPG Industries by 37.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock worth $270,876,000 after purchasing an additional 496,998 shares during the period. Finally, Qube Research & Technologies Ltd lifted its stake in PPG Industries by 127.8% in the third quarter. Qube Research & Technologies Ltd now owns 869,375 shares of the specialty chemicals company’s stock valued at $112,845,000 after purchasing an additional 487,677 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Price Performance

Shares of PPG Industries stock traded down $0.02 on Wednesday, hitting $135.36. 272,044 shares of the company traded hands, compared to its average volume of 1,725,967. PPG Industries, Inc. has a 12-month low of $120.32 and a 12-month high of $152.89. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. The company has a market cap of $31.74 billion, a P/E ratio of 22.93, a P/E/G ratio of 1.69 and a beta of 1.30. The firm’s 50-day simple moving average is $137.33 and its 200 day simple moving average is $139.59.

PPG Industries (NYSE:PPGGet Free Report) last posted its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.86. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.82 EPS. Analysts expect that PPG Industries, Inc. will post 8.44 earnings per share for the current fiscal year.

PPG Industries announced that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s dividend payout ratio is presently 43.92%.

Insider Buying and Selling at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy M. Knavish bought 2,061 shares of the company’s stock in a transaction dated 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 acquisition, the chief executive officer now owns 35,833 shares of the company’s stock, valued at approximately $4,774,388.92. The disclosure for this purchase can be found here. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PPG. Citigroup lowered their target price on PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research note on Wednesday, April 10th. Redburn Atlantic lowered shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 target price for the company. in a research report on Thursday, February 1st. Seaport Res Ptn upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd. Royal Bank of Canada dropped their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Finally, StockNews.com raised shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.47.

Check Out Our Latest Stock Report on PPG

About PPG Industries

(Free Report)

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.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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