California Public Employees Retirement System Buys 30,298 Shares of PPG Industries, Inc. (PPG)
California Public Employees Retirement System grew its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 4.6% during the fourth quarter, HoldingsChannel reports. The firm owned 688,966 shares of the specialty chemicals company’s stock after buying an additional 30,298 shares during the period. California Public Employees Retirement System’s holdings in PPG Industries were worth $80,485,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Cerebellum GP LLC acquired a new position in shares of PPG Industries during the fourth quarter worth about $128,000. SeaCrest Wealth Management LLC acquired a new position in shares of PPG Industries during the fourth quarter worth about $132,000. Bristlecone Advisors LLC acquired a new position in shares of PPG Industries in the third quarter worth about $179,000. V Wealth Management LLC acquired a new position in shares of PPG Industries in the fourth quarter worth about $204,000. Finally, Waldron LP acquired a new position in shares of PPG Industries in the fourth quarter worth about $214,000. Institutional investors own 75.21% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at $112.37 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $28,600.00, a PE ratio of 20.62, a P/E/G ratio of 1.96 and a beta of 1.59. PPG Industries, Inc. has a fifty-two week low of $100.02 and a fifty-two week high of $122.07.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s dividend payout ratio is currently 33.03%.
PPG Industries announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Several research analysts recently commented on the company. Citigroup cut their price target on PPG Industries from $128.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. Northcoast Research reiterated a “buy” rating and issued a $128.00 price target on shares of PPG Industries in a research note on Friday, January 19th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $120.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Royal Bank of Canada reiterated a “hold” rating and issued a $115.00 price target on shares of PPG Industries in a research note on Wednesday, January 17th. Finally, Atlantic Securities cut PPG Industries from an “overweight” rating to a “neutral” rating in a research note on Wednesday, January 17th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. PPG Industries has an average rating of “Hold” and an average price target of $123.35.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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