Woodline Partners LP Acquires New Shares in PPG Industries, Inc. (NYSE:PPG)

Woodline Partners LP acquired a new stake in PPG Industries, Inc. (NYSE:PPG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 13,933 shares of the specialty chemicals company's stock, valued at approximately $1,664,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mutual Advisors LLC lifted its stake in PPG Industries by 3.6% during the fourth quarter. Mutual Advisors LLC now owns 2,666 shares of the specialty chemicals company's stock worth $319,000 after purchasing an additional 92 shares during the period. LRI Investments LLC lifted its position in shares of PPG Industries by 25.3% during the 4th quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company's stock worth $54,000 after buying an additional 92 shares during the period. Kingsview Wealth Management LLC lifted its position in shares of PPG Industries by 1.3% during the 4th quarter. Kingsview Wealth Management LLC now owns 8,288 shares of the specialty chemicals company's stock worth $990,000 after buying an additional 103 shares during the period. Savant Capital LLC boosted its stake in PPG Industries by 0.9% in the 4th quarter. Savant Capital LLC now owns 11,779 shares of the specialty chemicals company's stock valued at $1,407,000 after buying an additional 107 shares in the last quarter. Finally, G&S Capital LLC grew its position in PPG Industries by 2.2% in the fourth quarter. G&S Capital LLC now owns 5,024 shares of the specialty chemicals company's stock valued at $600,000 after acquiring an additional 109 shares during the period. 81.86% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PPG. Wells Fargo & Company boosted their target price on shares of PPG Industries from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Barclays restated an "equal weight" rating on shares of PPG Industries in a research report on Monday, February 3rd. Royal Bank of Canada raised their price objective on shares of PPG Industries from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Friday, May 2nd. Mizuho reduced their target price on PPG Industries from $150.00 to $140.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Finally, Argus cut PPG Industries from a "buy" rating to a "hold" rating in a report on Monday, March 10th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, PPG Industries currently has an average rating of "Moderate Buy" and a consensus target price of $128.42.

PPG Industries Trading Down 1.5%

Shares of PPG traded down $1.67 during trading hours on Wednesday, hitting $110.59. 881,519 shares of the stock traded hands, compared to its average volume of 1,820,777. The business has a fifty day moving average of $106.34 and a 200-day moving average of $114.48. The firm has a market capitalization of $25.10 billion, a PE ratio of 23.38, a price-to-earnings-growth ratio of 2.19 and a beta of 1.20. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.10. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period in the prior year, the business posted $1.87 earnings per share. PPG Industries's revenue was down 4.3% compared to the same quarter last year. Analysts expect that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Monday, May 12th will be given a dividend of $0.68 per share. The ex-dividend date is Monday, May 12th. This represents a $2.72 annualized dividend and a dividend yield of 2.46%. PPG Industries's payout ratio is currently 58.24%.

About PPG Industries

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.