State of Alaska Department of Revenue Sells 1,460 Shares of PPG Industries, Inc. (NYSE:PPG)

State of Alaska Department of Revenue cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 4.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,231 shares of the specialty chemicals company’s stock after selling 1,460 shares during the quarter. State of Alaska Department of Revenue’s holdings in PPG Industries were worth $4,379,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in PPG Industries during the 4th quarter valued at about $554,685,000. Vanguard Group Inc. boosted its holdings in PPG Industries by 17.2% during the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock valued at $3,661,083,000 after acquiring an additional 3,600,558 shares during the period. Assenagon Asset Management S.A. boosted its holdings in PPG Industries by 4,484.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock valued at $108,228,000 after acquiring an additional 707,903 shares during the period. International Assets Investment Management LLC purchased a new stake in PPG Industries during the 4th quarter valued at about $74,492,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in PPG Industries by 37.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock valued at $270,876,000 after acquiring an additional 496,998 shares during the period. 81.86% of the stock is currently owned by institutional investors.

Insider Activity at PPG Industries

In related news, CEO Timothy M. Knavish acquired 2,061 shares of PPG Industries stock in a transaction that occurred on Wednesday, May 8th. The stock was bought at an average price of $133.24 per share, with a total value of $274,607.64. Following the transaction, the chief executive officer now directly owns 35,833 shares in the company, valued at $4,774,388.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.56% of the stock is owned by corporate insiders.

PPG Industries Trading Down 0.0 %

PPG opened at $124.87 on Friday. The stock has a market cap of $29.28 billion, a PE ratio of 21.09, a PEG ratio of 1.55 and a beta of 1.26. The company has a quick ratio of 1.08, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average of $130.39 and a 200-day moving average of $137.90. PPG Industries, Inc. has a 52 week low of $120.32 and a 52 week high of $152.89.

PPG Industries (NYSE:PPG) last released its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting analysts’ consensus estimates of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.82 EPS. Equities research analysts predict that PPG Industries, Inc. will post 8.44 earnings per share for the current fiscal year.

PPG Industries declared that its board has authorized a share buyback plan on Thursday, April 18th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 10th were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Bank of America dropped their target price on PPG Industries from $167.00 to $164.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Royal Bank of Canada dropped their target price on PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Evercore ISI cut PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 target price for the company. in a report on Monday, April 22nd. BMO Capital Markets dropped their price objective on PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Finally, Citigroup dropped their price objective on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $155.47.

PPG Industries 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.