Luminus Management LLC lowered its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 53.8% in the 4th quarter, HoldingsChannel reports. The firm owned 42,794 shares of the specialty chemicals company’s stock after selling 49,808 shares during the period. Luminus Management LLC’s holdings in PPG Industries were worth $4,999,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Cerebellum GP LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth about $128,000. SeaCrest Wealth Management LLC bought a new position in PPG Industries during the fourth quarter valued at approximately $132,000. Crewe Advisors LLC bought a new position in PPG Industries during the fourth quarter valued at approximately $136,000. NuWave Investment Management LLC bought a new position in PPG Industries during the fourth quarter valued at approximately $150,000. Finally, Fairview Capital Investment Management LLC bought a new position in PPG Industries during the fourth quarter valued at approximately $203,000. Hedge funds and other institutional investors own 76.90% of the company’s stock.
A number of brokerages recently commented on PPG. ValuEngine lowered PPG Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Barclays reissued an “equal weight” rating and set a $122.00 price target (down from $125.00) on shares of PPG Industries in a research note on Friday, March 2nd. Citigroup dropped their price target on PPG Industries from $128.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Northcoast Research reissued a “buy” rating and set a $128.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $120.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $124.19.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at $116.07 on Wednesday. The stock has a market capitalization of $29,101.09, a P/E ratio of 19.77, a PEG ratio of 2.02 and a beta of 1.56. PPG Industries, Inc. has a one year low of $100.45 and a one year high of $122.07. The company has a quick ratio of 1.22, a current ratio of 1.66 and a debt-to-equity ratio of 0.73.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the company earned $1.19 EPS. sell-side analysts predict that PPG Industries, Inc. will post 6.55 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, February 15th. PPG Industries’s payout ratio is 28.53%.
PPG Industries announced that its board has initiated a stock repurchase plan on Thursday, December 14th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
COPYRIGHT VIOLATION NOTICE: “PPG Industries, Inc. (PPG) Shares Sold by Luminus Management LLC” was originally published by Ticker Report and is owned by of Ticker Report. If you are reading this article on another site, it was copied illegally and republished in violation of US and international copyright & trademark laws. The correct version of this article can be read at https://www.tickerreport.com/banking-finance/3261970/ppg-industries-inc-ppg-shares-sold-by-luminus-management-llc.html.
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.
Want to see what other hedge funds are holding PPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PPG Industries, Inc. (NYSE:PPG).
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.