PPG Industries, Inc. $PPG Stock: Aberdeen Group plc Increases Stake

Key Points

• Aberdeen Group increased its PPG stake by 698.5% in the third quarter, adding about 2.04 million shares to hold 2.33 million shares worth approximately $242.7 million.
• Analysts give PPG a “Moderate Buy” consensus, with an average price target of $128.29; nine rate the stock Buy and eight Hold.
• PPG’s latest quarterly results topped expectations: EPS was $2.25 versus $2.12 estimated, while revenue rose 6.6% year over year to $4.35 billion. The company also announced a $0.74 quarterly dividend per share.

Aberdeen Group plc grew its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 698.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,326,469 shares of the specialty chemicals company's stock after purchasing an additional 2,035,128 shares during the period. Aberdeen Group plc owned approximately 1.05% of PPG Industries worth $242,721,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PPG. Moors & Cabot Inc. increased its position in shares of PPG Industries by 0.8% during the 3rd quarter. Moors & Cabot Inc. now owns 11,486 shares of the specialty chemicals company's stock valued at $1,198,000 after purchasing an additional 87 shares during the last quarter. Essential Partners LLC boosted its position in PPG Industries by 59.3% in the 1st quarter. Essential Partners LLC now owns 301 shares of the specialty chemicals company's stock valued at $32,000 after buying an additional 112 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in PPG Industries by 6.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,012 shares of the specialty chemicals company's stock worth $244,000 after acquiring an additional 114 shares in the last quarter. Ancora Advisors LLC grew its stake in PPG Industries by 36.5% in the 2nd quarter. Ancora Advisors LLC now owns 430 shares of the specialty chemicals company's stock worth $52,000 after acquiring an additional 115 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC increased its position in shares of PPG Industries by 2.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 5,493 shares of the specialty chemicals company's stock worth $573,000 after acquiring an additional 119 shares during the period. 81.86% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PPG. Barclays lifted their target price on PPG Industries from $136.00 to $137.00 and gave the company an "overweight" rating in a research report on Thursday, October 29th. The Goldman Sachs Group restated a "buy" rating and set a $128.00 price target on shares of PPG Industries in a research note on Friday, October 9th. Citigroup lifted their price objective on PPG Industries from $118.00 to $130.00 and gave the company a "neutral" rating in a report on Thursday, October 29th. Sanford C. Bernstein reiterated an "outperform" rating and set a $137.00 target price on shares of PPG Industries in a report on Thursday, October 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of PPG Industries from $125.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday, October 29th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $128.29.

PPG Industries Stock Up 0.3%

Shares of PPG Industries stock opened at $122.66 on Friday. The company has a 50 day moving average of $111.02 and a 200 day moving average of $113.13. The company has a market capitalization of $27.09 billion, a P/E ratio of 15.65, a P/E/G ratio of 2.10 and a beta of 1.00. PPG Industries, Inc. has a 52-week low of $93.39 and a 52-week high of $133.43. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.71.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.13. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter last year, the company posted $2.13 earnings per share. The business's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts forecast that PPG Industries, Inc. will post 7.98 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 10th will be paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, November 10th. PPG Industries's dividend payout ratio is presently 42.29%.

Insiders Place Their Bets

In other PPG Industries news, VP Chancey Hagerty sold 2,500 shares of the firm's stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $127.14, for a total transaction of $317,850.00. Following the transaction, the vice president owned 9,761 shares of the company's stock, valued at approximately $1,241,013.54. This trade represents a 20.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is owned by insiders.

About PPG Industries

PPG Industries, Inc. is a global supplier of paints, coatings and specialty materials. Founded in 1883 as Pittsburgh Plate Glass, the company has expanded beyond its original glass business and is headquartered in Pittsburgh, Pennsylvania. PPG's products include architectural paints and coatings, automotive finishes, aerospace coatings, protective and marine coatings, and coatings for industrial and packaging applications. Its specialty materials support uses in areas such as construction, transportation and manufacturing.

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