Synergy Asset Management LLC Buys Shares of 2,373 PPG Industries, Inc. (NYSE:PPG)

Synergy Asset Management LLC purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 2,373 shares of the specialty chemicals company’s stock, valued at approximately $274,000.

Several other institutional investors and hedge funds have also made changes to their positions in PPG. State Street Corp raised its holdings in shares of PPG Industries by 4.4% in the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after acquiring an additional 491,774 shares during the last quarter. Wellington Management Group LLP increased its position in PPG Industries by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock worth $1,189,095,000 after purchasing an additional 485,597 shares in the last quarter. FMR LLC raised its stake in PPG Industries by 68.3% in the 3rd 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 last quarter. International Assets Investment Management LLC lifted its holdings in PPG Industries by 189.6% in the 3rd quarter. International Assets Investment Management LLC now owns 426,834 shares of the specialty chemicals company’s stock valued at $56,538,000 after purchasing an additional 279,455 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of PPG Industries by 65.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 523,014 shares of the specialty chemicals company’s stock worth $62,474,000 after purchasing an additional 206,853 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PPG shares. StockNews.com downgraded shares of PPG Industries from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft decreased their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 target price (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. JPMorgan Chase & Co. lowered their price target on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Finally, Royal Bank of Canada cut their price objective on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, PPG Industries has a consensus rating of “Moderate Buy” and an average price target of $149.23.

PPG Industries Price Performance

PPG Industries stock opened at $122.79 on Friday. The firm has a fifty day moving average of $121.25 and a 200-day moving average of $124.58. PPG Industries, Inc. has a 52-week low of $113.00 and a 52-week high of $145.60. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $28.49 billion, a P/E ratio of 19.46, a PEG ratio of 1.94 and a beta of 1.24.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. As a group, analysts predict that PPG Industries, Inc. will post 8.15 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Friday, February 21st. PPG Industries’s dividend payout ratio is presently 43.11%.

PPG Industries 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.