Point72 Hong Kong Ltd Grows Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

Point72 Hong Kong Ltd grew its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 83.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,432 shares of the specialty chemicals company’s stock after purchasing an additional 2,019 shares during the quarter. Point72 Hong Kong Ltd’s holdings in PPG Industries were worth $587,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in PPG Industries by 20.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock valued at $276,576,000 after buying an additional 368,410 shares during the period. FMR LLC grew its holdings in PPG Industries by 68.3% in the third quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock valued at $115,757,000 after purchasing an additional 354,740 shares during the period. International Assets Investment Management LLC increased its position in PPG Industries by 189.6% during the third quarter. International Assets Investment Management LLC now owns 426,834 shares of the specialty chemicals company’s stock worth $56,538,000 after purchasing an additional 279,455 shares during the last quarter. Federated Hermes Inc. raised its stake in PPG Industries by 91.0% during the second quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock worth $65,905,000 after purchasing an additional 249,406 shares during the period. Finally, SG Americas Securities LLC raised its stake in PPG Industries by 549.0% during the second quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock worth $32,246,000 after purchasing an additional 216,675 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of PPG stock opened at $125.96 on Tuesday. The firm has a fifty day simple moving average of $126.65 and a 200-day simple moving average of $127.01. The company has a market capitalization of $29.22 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last posted 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). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the company earned $2.07 earnings per share. The business’s quarterly revenue was down 1.5% on a year-over-year basis. Equities research analysts anticipate that PPG Industries, Inc. will post 8.18 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.68 per share. The ex-dividend date is Tuesday, November 12th. This represents a $2.72 annualized dividend and a yield of 2.16%. PPG Industries’s dividend payout ratio is presently 43.11%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PPG. StockNews.com downgraded PPG Industries from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 27th. Royal Bank of Canada lowered their price target on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. cut their price objective on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Mizuho reduced their price objective on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $155.00 target price (down previously from $160.00) on shares of PPG Industries in a research report on Monday, October 21st. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, PPG Industries presently has an average rating of “Moderate Buy” and a consensus target price of $149.93.

Insider Buying and Selling at PPG Industries

In other news, VP Anne M. Foulkes sold 1,985 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the sale, the vice president now owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. The trade was a 12.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

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.