OppenheimerFunds Inc. Lowers Holdings in PPG Industries, Inc. (PPG)

OppenheimerFunds Inc. decreased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 14.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,711,907 shares of the specialty chemicals company’s stock after selling 287,364 shares during the period. OppenheimerFunds Inc. owned approximately 0.67% of PPG Industries worth $199,984,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PPG. Cerebellum GP LLC purchased a new stake in PPG Industries during the fourth quarter valued at about $128,000. SeaCrest Wealth Management LLC purchased a new stake in PPG Industries during the fourth quarter valued at about $132,000. Crewe Advisors LLC purchased a new stake in PPG Industries during the fourth quarter valued at about $136,000. NuWave Investment Management LLC purchased a new stake in PPG Industries during the fourth quarter valued at about $150,000. Finally, Checchi Capital Advisers LLC purchased a new stake in PPG Industries during the third quarter valued at about $200,000. Institutional investors and hedge funds own 73.53% of the company’s stock.

Several research analysts have recently commented on the company. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Wednesday, December 20th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, January 19th. Jefferies Group reiterated a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a report on Wednesday, January 3rd. Citigroup lifted their price objective on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $115.00 price objective on shares of PPG Industries in a report on Wednesday, January 17th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $123.75.

PPG Industries, Inc. (NYSE PPG) opened at $115.62 on Thursday. PPG Industries, Inc. has a twelve month low of $100.34 and a twelve month high of $122.07. The stock has a market capitalization of $28,836.22, a PE ratio of 19.59, a P/E/G ratio of 2.01 and a beta of 1.58. The company has a current ratio of 1.66, a quick ratio of 1.22 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the previous year, the business earned $1.19 EPS. PPG Industries’s revenue was up 7.8% compared to the same quarter last year. equities analysts forecast that PPG Industries, Inc. will post 6.57 earnings per share for the current year.

PPG Industries declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 14th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a dividend of $0.45 per share. The ex-dividend date is Thursday, February 15th. This represents a $1.80 dividend on an annualized basis and a yield of 1.56%. PPG Industries’s dividend payout ratio is presently 28.53%.

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PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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