abrdn plc Boosts Holdings in PPG Industries, Inc. (NYSE:PPG)

abrdn plc grew its position in PPG Industries, Inc. (NYSE:PPG) by 26.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 252,039 shares of the specialty chemicals company’s stock after buying an additional 52,635 shares during the period. abrdn plc owned 0.11% of PPG Industries worth $37,692,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PPG. CWM LLC grew its stake in shares of PPG Industries by 11.9% in the 3rd quarter. CWM LLC now owns 7,664 shares of the specialty chemicals company’s stock valued at $995,000 after buying an additional 814 shares during the period. Arkadios Wealth Advisors lifted its holdings in shares of PPG Industries by 25.0% in the 3rd quarter. Arkadios Wealth Advisors now owns 1,863 shares of the specialty chemicals company’s stock worth $242,000 after acquiring an additional 373 shares during the last quarter. Summit Global Investments lifted its holdings in shares of PPG Industries by 30.7% in the 3rd quarter. Summit Global Investments now owns 2,189 shares of the specialty chemicals company’s stock worth $284,000 after acquiring an additional 514 shares during the last quarter. Ziegler Capital Management LLC lifted its holdings in shares of PPG Industries by 4.5% in the 3rd quarter. Ziegler Capital Management LLC now owns 2,735 shares of the specialty chemicals company’s stock worth $355,000 after acquiring an additional 117 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its holdings in shares of PPG Industries by 5.0% in the 3rd quarter. DAVENPORT & Co LLC now owns 5,316 shares of the specialty chemicals company’s stock worth $690,000 after acquiring an additional 253 shares during the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insider Activity at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.56% of the company’s stock.

PPG Industries Trading Up 0.2 %

NYSE PPG opened at $131.13 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05. The firm’s fifty day moving average price is $140.16 and its 200 day moving average price is $138.99. The company has a market capitalization of $30.86 billion, a price-to-earnings ratio of 22.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. PPG Industries, Inc. has a 12 month low of $120.32 and a 12 month high of $152.89.

PPG Industries (NYSE:PPG) last posted its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting analysts’ consensus estimates of $1.86. The firm had revenue of $4.31 billion for 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 23.13%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $1.82 EPS. On average, sell-side analysts expect that PPG Industries, Inc. will post 8.46 earnings per share for the current fiscal year.

PPG Industries declared that its board has approved a share repurchase plan on Thursday, April 18th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

PPG Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is 43.92%.

Analyst Ratings Changes

PPG has been the topic of several recent analyst reports. Redburn Atlantic lowered shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price objective on the stock. in a report on Thursday, February 1st. Evercore ISI lowered shares of PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 target price on the stock. in a report on Monday. Citigroup reduced their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Vertical Research upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Finally, Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $155.50.

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.