Westfield Capital Management Co. LP Has $76.10 Million Holdings in PPG Industries, Inc. (NYSE:PPG)

Westfield Capital Management Co. LP trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 508,874 shares of the specialty chemicals company’s stock after selling 7,074 shares during the period. Westfield Capital Management Co. LP owned 0.22% of PPG Industries worth $76,102,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PPG. Norges Bank acquired a new position in shares of PPG Industries during the 4th quarter worth about $554,685,000. Invesco Ltd. raised its stake in PPG Industries by 41.1% in the third quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock valued at $427,580,000 after buying an additional 959,849 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of PPG Industries by 4,484.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock valued at $108,228,000 after buying an additional 707,903 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of PPG Industries during the 4th quarter worth approximately $74,492,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of PPG Industries by 37.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock worth $270,876,000 after acquiring an additional 496,998 shares during the last quarter. 81.86% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PPG shares. StockNews.com raised PPG Industries from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. Royal Bank of Canada reduced their target price on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. UBS Group lowered their price target on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Seaport Res Ptn upgraded PPG Industries from a “neutral” rating to a “buy” rating in a report on Monday, April 22nd. Finally, Wolfe Research initiated coverage on PPG Industries in a research note on Friday, March 1st. They set a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $155.47.

PPG Industries Price Performance

PPG stock traded up $0.40 during midday trading on Friday, reaching $131.42. The company had a trading volume of 929,256 shares, compared to its average volume of 1,351,544. PPG Industries, Inc. has a 1-year low of $120.32 and a 1-year high of $152.89. The stock has a 50 day moving average price of $136.22 and a 200-day moving average price of $139.96. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08. The company has a market capitalization of $30.82 billion, a price-to-earnings ratio of 22.20, a price-to-earnings-growth ratio of 1.63 and a beta of 1.30.

PPG Industries (NYSE:PPG) last issued its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.82 EPS. Equities research analysts expect that PPG Industries, Inc. will post 8.44 earnings per share for the current year.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.98%. The ex-dividend date is Thursday, May 9th. PPG Industries’s payout ratio is presently 43.92%.

PPG Industries announced that its board has authorized a stock buyback program on Thursday, April 18th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Timothy M. Knavish acquired 2,061 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were bought at an average price of $133.24 per share, with a total value of $274,607.64. Following the acquisition, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,774,388.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now owns 28,439 shares in the company, valued at approximately $4,008,192.66. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

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.