PPG Industries, Inc. (NYSE:PPG) Position Boosted by Independence Bank of Kentucky

Independence Bank of Kentucky increased its holdings in PPG Industries, Inc. (NYSE:PPG) by 534.5% during the first quarter, Holdings Channel reports. The firm owned 2,760 shares of the specialty chemicals company’s stock after purchasing an additional 2,325 shares during the period. Independence Bank of Kentucky’s holdings in PPG Industries were worth $400,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Wedmont Private Capital grew its position in PPG Industries by 2.9% in the fourth quarter. Wedmont Private Capital now owns 2,464 shares of the specialty chemicals company’s stock worth $363,000 after buying an additional 70 shares during the last quarter. Barrett & Company Inc. grew its holdings in shares of PPG Industries by 10.6% in the 4th quarter. Barrett & Company Inc. now owns 763 shares of the specialty chemicals company’s stock worth $114,000 after acquiring an additional 73 shares during the last quarter. FinTrust Capital Advisors LLC raised its position in shares of PPG Industries by 38.6% during the fourth quarter. FinTrust Capital Advisors LLC now owns 273 shares of the specialty chemicals company’s stock worth $41,000 after purchasing an additional 76 shares during the period. CWA Asset Management Group LLC lifted its holdings in shares of PPG Industries by 2.0% during the third quarter. CWA Asset Management Group LLC now owns 4,052 shares of the specialty chemicals company’s stock valued at $526,000 after purchasing an additional 78 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of PPG Industries by 20.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 462 shares of the specialty chemicals company’s stock valued at $69,000 after purchasing an additional 80 shares during the period. 81.86% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

PPG Industries Stock Performance

PPG stock opened at $125.89 on Friday. The firm has a 50 day moving average of $130.76 and a two-hundred day moving average of $138.40. PPG Industries, Inc. has a 12 month low of $120.32 and a 12 month high of $152.89. The company has a market capitalization of $29.52 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 1.56 and a beta of 1.28. The company has a quick ratio of 1.08, a current ratio of 1.55 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last posted its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the prior year, the business posted $1.82 earnings per share. The business’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, equities analysts anticipate that PPG Industries, Inc. will post 8.44 EPS for the current fiscal year.

PPG Industries declared that its board has approved a share repurchase program on Thursday, April 18th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 10th were issued a $0.65 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.60 annualized dividend and a yield of 2.07%. PPG Industries’s dividend payout ratio (DPR) is currently 43.92%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. KeyCorp cut their price objective on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. Barclays cut 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 report on Monday, April 22nd. Royal Bank of Canada decreased their price objective on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. Citigroup cut their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research note on Wednesday, April 10th. Finally, UBS Group decreased their target price on PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $155.47.

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.