Allspring Global Investments Holdings LLC Grows Stock Position in PPG Industries, Inc. (NYSE:PPG)

Allspring Global Investments Holdings LLC lifted its stake in PPG Industries, Inc. (NYSE:PPG) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,230 shares of the specialty chemicals company’s stock after buying an additional 276 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PPG Industries were worth $2,207,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. BKM Wealth Management LLC raised its stake in shares of PPG Industries by 21.6% in the first quarter. BKM Wealth Management LLC now owns 4,349 shares of the specialty chemicals company’s stock worth $630,000 after purchasing an additional 773 shares during the last quarter. LVW Advisors LLC bought a new stake in shares of PPG Industries in the first quarter worth $233,000. Cornerstone Wealth Group LLC bought a new stake in shares of PPG Industries in the first quarter worth $2,959,000. Foguth Wealth Management LLC. bought a new stake in PPG Industries during the first quarter valued at about $211,000. Finally, Vicus Capital bought a new stake in PPG Industries during the first quarter valued at about $332,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. 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 research note on Tuesday, April 23rd. 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. Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $150.00 to $163.00 in a research note on Thursday, April 11th. Citigroup dropped their price objective on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research note on Wednesday, April 10th. Finally, Seaport Res Ptn raised PPG Industries from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $155.47.

PPG Industries Trading Up 0.5 %

NYSE:PPG traded up $0.63 during midday trading on Tuesday, hitting $124.61. The stock had a trading volume of 88,023 shares, compared to its average volume of 1,659,493. PPG Industries, Inc. has a one year low of $120.32 and a one year high of $152.89. The company has a market capitalization of $29.22 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 1.56 and a beta of 1.26. The stock has a 50-day moving average of $130.76 and a 200 day moving average of $138.33. 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 announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the prior year, the firm earned $1.82 earnings per share. PPG Industries’s revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that PPG Industries, Inc. will post 8.44 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders 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 yield of 2.09%. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

PPG Industries declared that its Board of Directors has initiated a share buyback program on Thursday, April 18th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at PPG Industries

In related news, CEO Timothy M. Knavish bought 2,061 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were acquired 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 owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.56% of the company’s stock.

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.