PPG Industries, Inc. $PPG Shares Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund boosted its holdings in PPG Industries, Inc. (NYSE:PPG) by 26.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 127,903 shares of the specialty chemicals company’s stock after acquiring an additional 27,105 shares during the period. Illinois Municipal Retirement Fund owned 0.06% of PPG Industries worth $13,344,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Lido Advisors LLC raised its stake in shares of PPG Industries by 143.4% in the 3rd quarter. Lido Advisors LLC now owns 17,613 shares of the specialty chemicals company’s stock valued at $1,838,000 after acquiring an additional 10,376 shares during the period. Equity Investment Corp boosted its position in shares of PPG Industries by 12.1% during the 3rd quarter. Equity Investment Corp now owns 1,262,708 shares of the specialty chemicals company’s stock worth $131,738,000 after purchasing an additional 136,707 shares during the period. Kestra Investment Management LLC acquired a new stake in PPG Industries in the 3rd quarter valued at approximately $265,000. AlphaCore Capital LLC increased its holdings in PPG Industries by 249.2% in the 3rd quarter. AlphaCore Capital LLC now owns 6,362 shares of the specialty chemicals company’s stock valued at $664,000 after purchasing an additional 4,540 shares during the last quarter. Finally, Fulcrum Asset Management LLP increased its holdings in PPG Industries by 112,890.0% in the 3rd quarter. Fulcrum Asset Management LLP now owns 22,598 shares of the specialty chemicals company’s stock valued at $2,396,000 after purchasing an additional 22,578 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PPG. The Goldman Sachs Group restated a “buy” rating and set a $128.00 price target on shares of PPG Industries in a research note on Friday, October 9th. Bank of America upgraded PPG Industries from a “neutral” rating to a “buy” rating and raised their price target for the stock from $127.00 to $134.00 in a research report on Friday, July 17th. KeyCorp lifted their price objective on PPG Industries from $128.00 to $131.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Barclays boosted their price objective on PPG Industries from $136.00 to $137.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. Finally, JPMorgan Chase & Co. increased their target price on PPG Industries from $125.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Nine investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $128.29.

Insiders Place Their Bets

In related news, VP Chancey Hagerty sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $127.14, for a total transaction of $317,850.00. Following the completion of the sale, the vice president owned 9,761 shares in the company, valued at $1,241,013.54. The trade was a 20.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is currently owned by insiders.

PPG Industries Stock Up 0.3%

PPG Industries stock opened at $124.80 on Thursday. PPG Industries, Inc. has a 1-year low of $93.39 and a 1-year high of $133.43. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15. The stock has a market cap of $27.57 billion, a PE ratio of 17.83, a P/E/G ratio of 2.14 and a beta of 1.00. The stock’s fifty day moving average is $110.56 and its two-hundred day moving average is $113.02.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.13. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.28 billion. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. PPG Industries’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 EPS. On average, sell-side analysts expect that PPG Industries, Inc. will post 7.98 EPS for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 10th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, November 10th. PPG Industries’s dividend payout ratio (DPR) is 42.29%.

About PPG Industries

PPG Industries, Inc. is a global supplier of paints, coatings and specialty materials. Founded in 1883 as Pittsburgh Plate Glass, the company has expanded beyond its original glass business and is headquartered in Pittsburgh, Pennsylvania. PPG’s products include architectural paints and coatings, automotive finishes, aerospace coatings, protective and marine coatings, and coatings for industrial and packaging applications. Its specialty materials support uses in areas such as construction, transportation and manufacturing.