M&T Bank Corp Sells 262 Shares of PPG Industries, Inc. (NYSE:PPG)

M&T Bank Corp lessened its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 0.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 55,664 shares of the specialty chemicals company’s stock after selling 262 shares during the period. M&T Bank Corp’s holdings in PPG Industries were worth $8,325,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new stake in shares of PPG Industries during the 3rd quarter worth approximately $25,000. Valued Wealth Advisors LLC bought a new stake in PPG Industries in the fourth quarter valued at approximately $26,000. SJS Investment Consulting Inc. raised its holdings in PPG Industries by 588.5% in the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 153 shares during the period. CVA Family Office LLC acquired a new position in shares of PPG Industries in the 4th quarter valued at $28,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in shares of PPG Industries in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays reduced their price target on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating for the company in a report on Monday, April 22nd. Evercore ISI downgraded PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price objective for the company. in a report on Monday, April 22nd. KeyCorp reduced their price target on PPG Industries from $164.00 to $162.00 and set an “overweight” rating for the company in a research report on Monday, April 22nd. Wolfe Research assumed coverage on shares of PPG Industries in a research report on Friday, March 1st. They issued a “peer perform” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $155.47.

PPG Industries Stock Performance

Shares of PPG stock opened at $132.92 on Monday. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. The firm has a fifty day simple moving average of $138.16 and a two-hundred day simple moving average of $139.02. The firm has a market capitalization of $31.17 billion, a PE ratio of 22.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.30. PPG Industries, Inc. has a 12 month low of $120.32 and a 12 month high of $152.89.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the previous year, the company earned $1.82 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. Analysts forecast that PPG Industries, Inc. will post 8.45 EPS for the current fiscal year.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 1.96%. PPG Industries’s payout ratio is 43.92%.

PPG Industries announced that its Board of Directors has authorized a share buyback program on Thursday, April 18th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the transaction, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is currently owned by company insiders.

PPG Industries Company 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.