Assenagon Asset Management S.A. Buys 6,290 Shares of PPG Industries, Inc. (NYSE:PPG)

Defense World · Mar 25, 2023 16:44

Assenagon Asset Management S.A. boosted its stake in shares of PPG Industries, Inc. (NYSE:PPG – Get Rating) by 14.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,206 shares of the specialty chemicals company's stock after buying an additional 6,290 shares during the quarter. Assenagon Asset Management S.A.'s holdings in PPG Industries were worth $6,313,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PPG. Kesler Norman & Wride LLC increased its position in PPG Industries by 1.0% during the 3rd quarter. Kesler Norman & Wride LLC now owns 8,448 shares of the specialty chemicals company's stock valued at $935,000 after purchasing an additional 86 shares during the period. Parkside Financial Bank & Trust lifted its position in PPG Industries by 45.8% during the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company's stock valued at $36,000 after acquiring an additional 87 shares during the last quarter. McDonald Partners LLC increased its position in shares of PPG Industries by 2.6% during the third quarter. McDonald Partners LLC now owns 3,594 shares of the specialty chemicals company's stock worth $398,000 after purchasing an additional 91 shares in the last quarter. Lumature Wealth Partners LLC increased its position in shares of PPG Industries by 4.9% during the third quarter. Lumature Wealth Partners LLC now owns 1,956 shares of the specialty chemicals company's stock worth $217,000 after purchasing an additional 92 shares in the last quarter. Finally, Harfst & Associates Inc. increased its position in shares of PPG Industries by 1.5% during the third quarter. Harfst & Associates Inc. now owns 6,268 shares of the specialty chemicals company's stock worth $694,000 after purchasing an additional 93 shares in the last quarter. Institutional investors own 80.04% of the company's stock.

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Analysts Set New Price Targets

PPG has been the topic of a number of recent analyst reports. Credit Suisse Group upped their price target on PPG Industries from $104.00 to $118.00 and gave the stock an "underperform" rating in a research report on Friday, January 20th. BNP Paribas downgraded PPG Industries from an "outperform" rating to a "neutral" rating and set a $130.00 target price on the stock. in a research report on Monday, January 23rd. StockNews.com assumed coverage on PPG Industries in a research report on Thursday, March 16th. They issued a "buy" rating on the stock. UBS Group upped their target price on PPG Industries from $144.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, January 11th. Finally, Wells Fargo & Company upped their target price on PPG Industries from $115.00 to $124.00 and gave the company an "equal weight" rating in a research report on Monday, January 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $135.84.

PPG Industries Trading Up 1.6 %

PPG stock opened at $125.44 on Friday. The company's 50-day simple moving average is $129.07 and its 200-day simple moving average is $124.81. The company has a quick ratio of 1.04, a current ratio of 1.52 and a debt-to-equity ratio of 0.97. PPG Industries, Inc. has a 52-week low of $107.06 and a 52-week high of $138.10. The firm has a market cap of $29.52 billion, a P/E ratio of 28.97, a PEG ratio of 2.76 and a beta of 1.17.

PPG Industries (NYSE:PPG – Get Rating) last released its quarterly earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.08. PPG Industries had a net margin of 5.81% and a return on equity of 22.55%. The firm had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter in the prior year, the firm earned $1.26 EPS. The company's revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts forecast that PPG Industries, Inc. will post 6.49 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were given a dividend of $0.62 per share. The ex-dividend date was Thursday, February 16th. This represents a $2.48 annualized dividend and a dividend yield of 1.98%. PPG Industries's dividend payout ratio (DPR) is presently 57.27%.

Insider Buying and Selling

In related news, Chairman Michael H. Mcgarry sold 61,867 shares of the company's stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total transaction of $8,040,235.32. Following the completion of the transaction, the chairman now owns 183,645 shares in the company, valued at approximately $23,866,504.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Michael H. Mcgarry sold 61,867 shares of the company's stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total transaction of $8,040,235.32. Following the completion of the transaction, the chairman now owns 183,645 shares in the company, valued at approximately $23,866,504.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Anne M. Foulkes sold 21,757 shares of the company's stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $128.33, for a total transaction of $2,792,075.81. Following the transaction, the vice president now owns 10,577 shares of the company's stock, valued at approximately $1,357,346.41. The disclosure for this sale can be found here. Insiders own 0.55% of the company's stock.

PPG Industries Profile

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PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor.