Advisors Capital Management LLC Boosts Holdings in PPG Industries, Inc. (NYSE:PPG)

Advisors Capital Management LLC lifted its position in shares of PPG Industries, Inc. (NYSE:PPG) by 7.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,895 shares of the specialty chemicals company’s stock after acquiring an additional 132 shares during the quarter. Advisors Capital Management LLC’s holdings in PPG Industries were worth $226,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PPG. Legend Financial Advisors Inc. acquired a new stake in PPG Industries during the fourth quarter worth $27,000. Prudent Man Investment Management Inc. purchased a new position in shares of PPG Industries during the 4th quarter worth $36,000. Albion Financial Group UT purchased a new position in shares of PPG Industries during the 4th quarter worth $38,000. Crews Bank & Trust acquired a new stake in shares of PPG Industries during the 4th quarter worth about $42,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in PPG Industries in the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Performance

Shares of PPG Industries stock opened at $99.63 on Wednesday. The business has a 50-day simple moving average of $110.28 and a 200-day simple moving average of $118.62. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58. PPG Industries, Inc. has a one year low of $90.24 and a one year high of $137.24. The company has a market cap of $22.61 billion, a PE ratio of 21.06, a P/E/G ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. On average, equities research analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st were paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Friday, February 21st. PPG Industries’s dividend payout ratio is presently 57.51%.

Insiders Place Their Bets

In related news, CEO Timothy M. Knavish sold 4,800 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $118.35, for a total transaction of $568,080.00. Following the completion of the sale, the chief executive officer now owns 35,833 shares in the company, valued at $4,240,835.55. The trade was a 11.81 % 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 owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PPG shares. Bank of America reiterated a “neutral” rating and set a $126.00 price target (down from $143.00) on shares of PPG Industries in a research report on Tuesday. Barclays reissued an “equal weight” rating on shares of PPG Industries in a research report on Monday, February 3rd. Seaport Res Ptn lowered PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 5th. The Goldman Sachs Group cut their price objective on PPG Industries from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Finally, Citigroup lowered their target price on PPG Industries from $135.00 to $113.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $132.31.

About PPG Industries

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.