Alpha Omega Wealth Management LLC Reduces Stake in PPG Industries, Inc. (NYSE:PPG)

Alpha Omega Wealth Management LLC lowered its position in PPG Industries, Inc. (NYSE:PPG) by 13.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,449 shares of the specialty chemicals company’s stock after selling 231 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in PPG Industries were worth $210,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PPG. FMR LLC grew its position in shares of PPG Industries by 11.0% during the 3rd quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company’s stock valued at $46,512,000 after acquiring an additional 35,571 shares during the period. O Shaughnessy Asset Management LLC grew its stake in PPG Industries by 16.2% in the third quarter. O Shaughnessy Asset Management LLC now owns 6,382 shares of the specialty chemicals company’s stock worth $828,000 after purchasing an additional 891 shares in the last quarter. Tower Research Capital LLC TRC increased its position in PPG Industries by 170.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 18,961 shares of the specialty chemicals company’s stock valued at $2,461,000 after purchasing an additional 11,956 shares during the period. Bank of Nova Scotia lifted its stake in shares of PPG Industries by 11.6% during the 3rd quarter. Bank of Nova Scotia now owns 78,172 shares of the specialty chemicals company’s stock worth $10,147,000 after purchasing an additional 8,120 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in shares of PPG Industries by 1.7% in the 3rd quarter. California State Teachers Retirement System now owns 388,372 shares of the specialty chemicals company’s stock worth $50,411,000 after buying an additional 6,503 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Stock Up 0.8 %

NYSE:PPG traded up $0.99 during trading hours on Friday, hitting $125.89. 2,585,591 shares of the stock traded hands, compared to its average volume of 1,493,101. The firm has a market cap of $29.52 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 1.55 and a beta of 1.28. The firm has a 50 day moving average price of $130.76 and a 200 day moving average price of $138.40. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. PPG Industries, Inc. has a fifty-two week low of $120.32 and a fifty-two week high of $152.89.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. The company 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 business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.82 earnings per share. Equities research analysts anticipate that PPG Industries, Inc. will post 8.44 earnings per share for the current year.

PPG Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Thursday, May 9th. PPG Industries’s payout ratio is 43.92%.

PPG Industries announced that its Board of Directors has approved a share repurchase plan on Thursday, April 18th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their target price on PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Bank of America lowered their price objective on PPG Industries from $167.00 to $164.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. BMO Capital Markets lowered their price target on shares of PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Seaport Res Ptn raised PPG Industries from a “neutral” rating to a “buy” rating in a report on Monday, April 22nd. Finally, Royal Bank of Canada dropped their price objective on PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, PPG Industries currently has an average rating of “Moderate Buy” and an average price target of $155.47.

Insiders Place Their Bets

In other PPG Industries news, CEO Timothy M. Knavish bought 2,061 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were bought at an average cost of $133.24 per share, for a total transaction of $274,607.64. Following the transaction, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,774,388.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.55% of the company’s stock.

PPG Industries 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.