CIBC Asset Management Inc Boosts Position in PPG Industries, Inc. (NYSE:PPG)

CIBC Asset Management Inc boosted its position in shares of PPG Industries, Inc. (NYSE:PPG) by 7.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,101 shares of the specialty chemicals company’s stock after acquiring an additional 2,382 shares during the quarter. CIBC Asset Management Inc’s holdings in PPG Industries were worth $4,517,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Insight Folios Inc boosted its position in PPG Industries by 3.8% during the 3rd quarter. Insight Folios Inc now owns 2,217 shares of the specialty chemicals company’s stock valued at $294,000 after acquiring an additional 81 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in PPG Industries by 0.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,244 shares of the specialty chemicals company’s stock valued at $2,549,000 after acquiring an additional 82 shares in the last quarter. Klingman & Associates LLC boosted its position in PPG Industries by 2.6% during the 2nd quarter. Klingman & Associates LLC now owns 3,326 shares of the specialty chemicals company’s stock valued at $419,000 after acquiring an additional 83 shares in the last quarter. Fragasso Financial Advisors Inc boosted its position in PPG Industries by 0.6% during the 2nd quarter. Fragasso Financial Advisors Inc now owns 13,958 shares of the specialty chemicals company’s stock valued at $1,757,000 after acquiring an additional 84 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its position in PPG Industries by 2.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 3,453 shares of the specialty chemicals company’s stock valued at $435,000 after acquiring an additional 86 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insider Activity

In other news, VP Anne M. Foulkes sold 1,985 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the sale, the vice president now directly owns 13,454 shares in the company, valued at $1,692,513.20. This trade represents a 12.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

PPG Industries Stock Performance

NYSE PPG opened at $122.53 on Monday. The stock has a 50-day simple moving average of $127.37 and a two-hundred day simple moving average of $127.78. The firm has a market capitalization of $28.43 billion, a P/E ratio of 19.42, a PEG ratio of 1.87 and a beta of 1.26. PPG Industries, Inc. has a fifty-two week low of $118.07 and a fifty-two week high of $151.16. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The company had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.07 EPS. On average, equities analysts forecast that PPG Industries, Inc. will post 8.18 earnings per share for the current year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is presently 43.11%.

Wall Street Analysts Forecast Growth

PPG has been the topic of several recent research reports. Bank of America dropped their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Citigroup lowered their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Barclays lowered their price objective on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, July 22nd. Mizuho lowered their price objective on PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. reduced their target price on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $149.93.

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.