Y Intercept Hong Kong Ltd Acquires New Holdings in PPG Industries, Inc. $PPG

Y Intercept Hong Kong Ltd bought a new position in PPG Industries, Inc. (NYSE:PPG) in the third quarter, HoldingsChannel.com reports. The fund bought 27,913 shares of the specialty chemicals company’s stock, valued at approximately $2,934,000.

Other hedge funds have also added to or reduced their stakes in the company. Walnut Level Capital LLC lifted its stake in shares of PPG Industries by 46.8% during the 2nd quarter. Walnut Level Capital LLC now owns 62,754 shares of the specialty chemicals company’s stock valued at $7,138,000 after buying an additional 20,000 shares in the last quarter. Avior Wealth Management LLC raised its holdings in PPG Industries by 8,828.7% during the second quarter. Avior Wealth Management LLC now owns 8,393 shares of the specialty chemicals company’s stock valued at $955,000 after acquiring an additional 8,299 shares during the period. GAM Holding AG lifted its position in shares of PPG Industries by 97.5% in the third quarter. GAM Holding AG now owns 21,281 shares of the specialty chemicals company’s stock valued at $2,237,000 after acquiring an additional 10,508 shares in the last quarter. Vest Financial LLC boosted its stake in shares of PPG Industries by 17.4% in the second quarter. Vest Financial LLC now owns 526,269 shares of the specialty chemicals company’s stock worth $59,863,000 after acquiring an additional 78,022 shares during the period. Finally, Columbia Advisory Partners LLC purchased a new stake in shares of PPG Industries during the second quarter worth about $318,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Vincent J. Morales sold 5,200 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $110.00, for a total value of $572,000.00. Following the completion of the sale, the chief financial officer directly owned 28,439 shares of the company’s stock, valued at $3,128,290. This trade represents a 15.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PPG has been the topic of a number of research analyst reports. Zacks Research raised PPG Industries from a “strong sell” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. boosted their target price on shares of PPG Industries from $112.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 21st. BNP Paribas Exane dropped their target price on shares of PPG Industries from $113.00 to $112.00 and set a “neutral” rating for the company in a research report on Wednesday, January 14th. Mizuho cut their target price on shares of PPG Industries from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of PPG Industries in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, PPG Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.86.

PPG Industries Price Performance

PPG Industries stock opened at $112.18 on Tuesday. PPG Industries, Inc. has a 52-week low of $90.24 and a 52-week high of $124.66. The company has a quick ratio of 1.08, a current ratio of 1.47 and a debt-to-equity ratio of 0.74. The firm’s fifty day moving average is $103.68 and its 200 day moving average is $105.50. The company has a market cap of $25.17 billion, a price-to-earnings ratio of 25.62, a PEG ratio of 3.32 and a beta of 1.17.

PPG Industries (NYSE:PPG) last posted its earnings results on Tuesday, October 28th. The specialty chemicals company reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.04. PPG Industries had a net margin of 6.35% and a return on equity of 23.61%. The firm had revenue of $4.08 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same period in the previous year, the firm posted $2.13 EPS. The business’s quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 20th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, February 20th. This represents a $2.84 dividend on an annualized basis and a yield of 2.5%. PPG Industries’s dividend payout ratio is 64.40%.

PPG Industries Company Profile

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.