Alpha Omega Wealth Management LLC Decreases Position in PPG Industries, Inc. (NYSE:PPG)

Alpha Omega Wealth Management LLC trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 13.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,449 shares of the specialty chemicals company’s stock after selling 231 shares during the period. Alpha Omega Wealth Management LLC’s holdings in PPG Industries were worth $210,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC acquired a new stake in shares of PPG Industries during the fourth quarter worth $26,000. Private Wealth Management Group LLC acquired a new stake in PPG Industries during the 4th quarter worth about $27,000. SJS Investment Consulting Inc. grew its stake in PPG Industries by 588.5% during the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 153 shares during the last quarter. CVA Family Office LLC acquired a new position in shares of PPG Industries in the fourth quarter valued at about $28,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of PPG Industries in the fourth quarter worth about $29,000. 81.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. KeyCorp dropped their target price on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research report on Monday, April 22nd. UBS Group cut their price objective on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Barclays reduced their target price on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. Wolfe Research started coverage on shares of PPG Industries in a report on Friday, March 1st. They issued a “peer perform” rating on the stock. Finally, Evercore ISI lowered PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price objective for the company. in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, PPG Industries currently has a consensus rating of “Moderate Buy” and an average price target of $155.47.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish acquired 2,061 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was bought at an average cost of $133.24 per share, for a total transaction of $274,607.64. Following the purchase, the chief executive officer now owns 35,833 shares in the company, valued at $4,774,388.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

PPG Industries Price Performance

Shares of PPG Industries stock traded up $0.99 on Friday, reaching $125.89. The company’s stock had a trading volume of 2,585,591 shares, compared to its average volume of 1,493,101. 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 company has a market capitalization of $29.52 billion, a P/E ratio of 21.27, a PEG ratio of 1.55 and a beta of 1.28. The stock has a 50-day moving average price of $130.76 and a 200-day moving average price of $138.40. PPG Industries, Inc. has a 52-week low of $120.32 and a 52-week high of $152.89.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.82 EPS. Analysts expect that PPG Industries, Inc. will post 8.44 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently declared 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. The ex-dividend date was Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 2.07%. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

PPG Industries declared that its board has authorized a stock buyback 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 repurchase up to 8.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.