PPG Industries, Inc. (NYSE:PPG) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its stake in PPG Industries, Inc. (NYSE:PPG) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,230 shares of the specialty chemicals company’s stock after acquiring an additional 276 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PPG Industries were worth $2,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. J.W. Cole Advisors Inc. raised its holdings in shares of PPG Industries by 6.7% in the fourth quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company’s stock valued at $1,646,000 after buying an additional 690 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in PPG Industries by 49.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 28,345 shares of the specialty chemicals company’s stock worth $4,239,000 after purchasing an additional 9,384 shares in the last quarter. Cerity Partners LLC raised its holdings in PPG Industries by 137.5% during the fourth quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company’s stock worth $5,224,000 after purchasing an additional 20,226 shares in the last quarter. International Assets Investment Management LLC purchased a new position in PPG Industries during the fourth quarter worth about $22,048,000. Finally, Perpetual Ltd raised its holdings in PPG Industries by 416.5% during the first quarter. Perpetual Ltd now owns 7,365 shares of the specialty chemicals company’s stock worth $1,067,000 after purchasing an additional 5,939 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

Insider Buying and Selling

In other news, CEO Timothy M. Knavish purchased 2,061 shares of the company’s stock in a transaction that occurred 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 purchase, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,774,388.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on PPG. BMO Capital Markets cut 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. Citigroup dropped their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a report on Wednesday, April 10th. Royal Bank of Canada dropped their target price on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Barclays lowered their price target on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating on the stock in a research report on Monday, April 22nd. Finally, UBS Group lowered their price target on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, PPG Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $155.47.

PPG Industries Trading Up 0.5 %

NYSE:PPG traded up $0.63 during trading hours on Tuesday, reaching $124.61. 88,023 shares of the company were exchanged, compared to its average volume of 1,659,493. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08. The firm has a market cap of $29.22 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 1.56 and a beta of 1.26. PPG Industries, Inc. has a 52-week low of $120.32 and a 52-week high of $152.89. The stock has a 50 day simple moving average of $130.76 and a 200 day simple moving average of $138.33.

PPG Industries (NYSE:PPG) last posted 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. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter last year, the firm posted $1.82 earnings per share. PPG Industries’s revenue was down 1.6% on a year-over-year basis. As a group, analysts predict that PPG Industries, Inc. will post 8.44 EPS for the current year.

PPG Industries announced that its board has initiated a stock buyback program on Thursday, April 18th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to buy up to 8.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 10th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is 43.92%.

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.