Canada Pension Plan Investment Board Has $74.17 Million Holdings in PPG Industries, Inc. (NYSE:PPG)

Canada Pension Plan Investment Board lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 0.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 511,850 shares of the specialty chemicals company’s stock after selling 2,822 shares during the period. Canada Pension Plan Investment Board owned about 0.22% of PPG Industries worth $74,167,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PPG. Toronto Dominion Bank increased its holdings in shares of PPG Industries by 59.6% in the 1st quarter. Toronto Dominion Bank now owns 142,845 shares of the specialty chemicals company’s stock valued at $20,698,000 after purchasing an additional 53,368 shares during the period. Sheaff Brock Investment Advisors LLC increased its holdings in shares of PPG Industries by 0.8% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 47,128 shares of the specialty chemicals company’s stock valued at $6,829,000 after purchasing an additional 391 shares during the period. Anson Funds Management LP acquired a new position in shares of PPG Industries in the 1st quarter valued at about $1,449,000. Rodgers Brothers Inc. increased its holdings in shares of PPG Industries by 12.7% in the 1st quarter. Rodgers Brothers Inc. now owns 45,698 shares of the specialty chemicals company’s stock valued at $6,622,000 after purchasing an additional 5,135 shares during the period. Finally, Delap Wealth Advisory LLC increased its holdings in shares of PPG Industries by 141.7% in the 1st quarter. Delap Wealth Advisory LLC now owns 3,464 shares of the specialty chemicals company’s stock valued at $502,000 after purchasing an additional 2,031 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Stock Up 1.3 %

PPG opened at $127.55 on Friday. PPG Industries, Inc. has a 1-year low of $120.32 and a 1-year high of $151.16. The company has a current ratio of 1.49, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $29.76 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 1.72 and a beta of 1.26. The business has a 50 day moving average of $128.79 and a 200-day moving average of $135.55.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.02. The business had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. PPG Industries’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.25 earnings per share. As a group, sell-side analysts anticipate that PPG Industries, Inc. will post 8.26 earnings per share for the current year.

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

PPG Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.13%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, August 12th. PPG Industries’s dividend payout ratio is presently 43.92%.

Insider Activity at PPG Industries

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PPG shares. StockNews.com upgraded PPG Industries from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. KeyCorp lowered their price target on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Bank of America lowered their price target on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets lowered their price target on PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Finally, Citigroup decreased their target price on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, PPG Industries has a consensus rating of “Moderate Buy” and a consensus target price of $151.08.

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.