PPG Industries, Inc. (NYSE:PPG) Shares Purchased by Independence Bank of Kentucky

Independence Bank of Kentucky boosted its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 534.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,760 shares of the specialty chemicals company’s stock after buying an additional 2,325 shares during the quarter. Independence Bank of Kentucky’s holdings in PPG Industries were worth $400,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC acquired a new stake in shares of PPG Industries in the fourth quarter valued at $26,000. Private Wealth Management Group LLC acquired a new stake in PPG Industries in the 4th quarter valued at about $27,000. SJS Investment Consulting Inc. boosted its stake in shares of PPG Industries by 588.5% in the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock valued at $27,000 after buying an additional 153 shares during the period. CVA Family Office LLC acquired a new position in shares of PPG Industries during the fourth quarter worth about $28,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insider Transactions at PPG Industries

In other news, CEO Timothy M. Knavish acquired 2,061 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were purchased at an average cost of $133.24 per share, for a total transaction of $274,607.64. Following the transaction, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,774,388.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.55% of the company’s stock.

PPG Industries Stock Up 0.8 %

Shares of NYSE:PPG opened at $125.89 on Friday. PPG Industries, Inc. has a 1-year low of $120.32 and a 1-year high of $152.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08. The stock has a market cap of $29.52 billion, a P/E ratio of 21.27, a P/E/G ratio of 1.56 and a beta of 1.28. The firm has a fifty day moving average price of $130.76 and a 200 day moving average price of $138.40.

PPG Industries (NYSE:PPG) last announced its 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. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.82 earnings per share. Sell-side analysts predict that PPG Industries, Inc. will post 8.44 EPS for the current year.

PPG Industries declared that its board has initiated a stock 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 buy up to 8.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Thursday, May 9th. PPG Industries’s payout ratio is currently 43.92%.

Analyst Upgrades and Downgrades

PPG has been the subject of several analyst reports. BMO Capital Markets lowered their price target on shares of PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $150.00 to $163.00 in a report on Thursday, April 11th. Evercore ISI downgraded PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price target for the company. in a report on Monday, April 22nd. KeyCorp dropped their price objective on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a report on Monday, April 22nd. Finally, Royal Bank of Canada decreased their target price on PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $155.47.

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.