OLD National Bancorp IN Lowers Position in PPG Industries, Inc. (NYSE:PPG)

OLD National Bancorp IN cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 15.6% in the 4th quarter, HoldingsChannel reports. The firm owned 4,451 shares of the specialty chemicals company’s stock after selling 823 shares during the quarter. OLD National Bancorp IN’s holdings in PPG Industries were worth $666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in PPG. Arkadios Wealth Advisors grew its stake in shares of PPG Industries by 25.0% during 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 period. Summit Global Investments grew its stake in shares of PPG Industries by 30.7% during 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 period. Ziegler Capital Management LLC grew its stake in shares of PPG Industries by 4.5% during 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 period. DAVENPORT & Co LLC grew its stake in shares of PPG Industries by 5.0% during 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 period. Finally, Meridian Wealth Management LLC grew its stake in shares of PPG Industries by 47.5% during the 3rd quarter. Meridian Wealth Management LLC now owns 4,650 shares of the specialty chemicals company’s stock worth $604,000 after acquiring an additional 1,497 shares during the period. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Stock Performance

NYSE:PPG opened at $130.52 on Thursday. The business has a 50 day moving average of $139.81 and a 200 day moving average of $138.91. The company has a market capitalization of $30.61 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 1.62 and a beta of 1.28. 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 1.05.

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

PPG Industries announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

PPG Industries Dividend Announcement

The company 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. The ex-dividend date is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a yield of 1.99%. PPG Industries’s payout ratio is 43.92%.

Insider Buying and Selling

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Citigroup cut their price target on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research note on Wednesday, April 10th. BMO Capital Markets reduced their target price on PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday. Vertical Research raised PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $150.00 to $163.00 in a report on Thursday, April 11th. Finally, Seaport Res Ptn raised PPG Industries from a “neutral” rating to a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, PPG Industries currently has a consensus rating of “Hold” and a consensus 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.