Cullinan Associates Inc. Makes New Investment in PPG Industries, Inc. (NYSE:PPG)

Posted by Defense World Staff on Mar 21st, 2023

Cullinan Associates Inc. bought a new position in shares of PPG Industries, Inc. (NYSE:PPG – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,740 shares of the specialty chemicals company’s stock, valued at approximately $345,000.

Several other large investors have also made changes to their positions in the business. Foundations Investment Advisors LLC purchased a new stake in shares of PPG Industries in the 4th quarter valued at $395,000. Coldstream Capital Management Inc. purchased a new stake in shares of PPG Industries in the 4th quarter valued at $650,000. Yousif Capital Management LLC boosted its holdings in shares of PPG Industries by 3.7% in the 4th quarter. Yousif Capital Management LLC now owns 84,221 shares of the specialty chemicals company’s stock valued at $10,590,000 after acquiring an additional 3,008 shares during the last quarter. General Partner Inc. purchased a new stake in shares of PPG Industries in the 4th quarter valued at $81,000. Finally, Bartlett & Co. LLC boosted its holdings in shares of PPG Industries by 1.7% in the 4th quarter. Bartlett & Co. LLC now owns 5,854 shares of the specialty chemicals company’s stock valued at $736,000 after acquiring an additional 100 shares during the last quarter. 80.04% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Stock Performance

NYSE:PPG opened at $125.31 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.04 and a current ratio of 1.52. The company has a fifty day moving average of $129.61 and a two-hundred day moving average of $124.79. The stock has a market capitalization of $29.49 billion, a PE ratio of 28.94, a P/E/G ratio of 2.66 and a beta of 1.17. PPG Industries, Inc. has a fifty-two week low of $107.06 and a fifty-two week high of $138.10.

PPG Industries (NYSE:PPG – Get Rating) last issued its earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.08. The business had revenue of $4.19 billion during the quarter, compared to analysts’ expectations of $4.12 billion. PPG Industries had a net margin of 5.81% and a return on equity of 22.55%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.26 earnings per share. As a group, research analysts forecast that PPG Industries, Inc. will post 6.52 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 17th were given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Thursday, February 16th. PPG Industries’s dividend payout ratio (DPR) is 57.27%.

Insider Activity

In other news, VP Anne M. Foulkes sold 21,757 shares of the stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $128.33, for a total value of $2,792,075.81. Following the completion of the sale, the vice president now directly owns 10,577 shares in the company, valued at $1,357,346.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Michael H. Mcgarry sold 61,867 shares of the company’s stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total value of $8,040,235.32. Following the completion of the sale, the chairman now owns 183,645 shares of the company’s stock, valued at $23,866,504.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Anne M. Foulkes sold 21,757 shares of the company’s stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $128.33, for a total transaction of $2,792,075.81. Following the completion of the sale, the vice president now directly owns 10,577 shares of the company’s stock, valued at approximately $1,357,346.41. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on PPG shares. StockNews.com started coverage on shares of PPG Industries in a report on Thursday, March 16th. They issued a “buy” rating on the stock. Argus boosted their target price on shares of PPG Industries from $144.00 to $149.00 in a research note on Monday, January 23rd. Vertical Research cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, January 23rd. Mizuho reiterated a “buy” rating and issued a $142.00 target price on shares of PPG Industries in a research note on Tuesday, February 7th. Finally, BNP Paribas cut shares of PPG Industries from an “outperform” rating to a “neutral” rating and set a $130.00 target price for the company. in a research note on Monday, January 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, PPG Industries currently has a consensus rating of “Hold” and a consensus price target of $135.84.

PPG Industries Company Profile

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PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor.

Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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