Sagespring Wealth Partners LLC bought a new position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,860 shares of the specialty chemicals company's stock, valued at approximately $939,000.
Several other hedge funds have also modified their holdings of the business. Legend Financial Advisors Inc. purchased a new position in PPG Industries in the fourth quarter worth $27,000. Prudent Man Investment Management Inc. acquired a new position in shares of PPG Industries during the 4th quarter worth $36,000. Albion Financial Group UT purchased a new position in shares of PPG Industries in the 4th quarter valued at about $38,000. Crews Bank & Trust acquired a new stake in shares of PPG Industries during the 4th quarter valued at approximately $42,000. Finally, Sugar Maple Asset Management LLC acquired a new stake in PPG Industries in the fourth quarter valued at $44,000. 81.86% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at PPG Industries
In related news, CEO Timothy M. Knavish sold 4,800 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $118.35, for a total value of $568,080.00. Following the sale, the chief executive officer now owns 35,833 shares of the company's stock, valued at $4,240,835.55. This trade represents a 11.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on PPG shares. Mizuho decreased their price objective on shares of PPG Industries from $150.00 to $140.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. JPMorgan Chase & Co. cut shares of PPG Industries from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $145.00 to $115.00 in a research report on Wednesday, February 12th. The Goldman Sachs Group lowered their price target on shares of PPG Industries from $153.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, February 6th. Seaport Res Ptn downgraded PPG Industries from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 5th. Finally, Argus cut PPG Industries from a "buy" rating to a "hold" rating in a report on Monday, March 10th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $132.31.
Read Our Latest Stock Report on PPG Industries
PPG Industries Stock Up 1.6 %
PPG traded up $1.58 during trading on Friday, hitting $100.00. The company had a trading volume of 2,240,529 shares, compared to its average volume of 1,801,972. The company has a market cap of $22.70 billion, a PE ratio of 21.14, a P/E/G ratio of 2.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24. The business has a 50-day moving average of $109.37 and a 200-day moving average of $118.04.
PPG Industries (NYSE:PPG - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. As a group, analysts forecast that PPG Industries, Inc. will post 7.95 earnings per share for the current year.
PPG Industries Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Monday, May 12th will be given a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.72%. PPG Industries's payout ratio is currently 57.51%.
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.
See Also
Before you consider PPG Industries, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and PPG Industries wasn't on the list.
While PPG Industries currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
