ExodusPoint Capital Management LP Acquires New Shares in PPG Industries, Inc. (NYSE:PPG)

Posted by Defense World Staff on Jun 9th, 2023

ExodusPoint Capital Management LP purchased a new stake in PPG Industries, Inc. (NYSE:PPG – Get Rating) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 15,603 shares of the specialty chemicals company’s stock, valued at approximately $1,962,000.

Several other large investors have also recently bought and sold shares of PPG. Vontobel Holding Ltd. boosted its holdings in PPG Industries by 51.9% in the 1st quarter. Vontobel Holding Ltd. now owns 5,991 shares of the specialty chemicals company’s stock valued at $797,000 after purchasing an additional 2,048 shares during the period. Sei Investments Co. boosted its holdings in PPG Industries by 14.7% in the 1st quarter. Sei Investments Co. now owns 23,667 shares of the specialty chemicals company’s stock valued at $3,099,000 after purchasing an additional 3,025 shares during the period. Prudential PLC bought a new position in PPG Industries in the 1st quarter valued at $619,000. Vanguard Group Inc. boosted its holdings in PPG Industries by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 20,180,199 shares of the specialty chemicals company’s stock valued at $2,645,019,000 after purchasing an additional 252,358 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its holdings in PPG Industries by 7.1% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 19,480 shares of the specialty chemicals company’s stock valued at $2,553,000 after purchasing an additional 1,283 shares during the period. 80.04% of the stock is owned by institutional investors.

PPG Industries Price Performance

PPG stock opened at $141.17 on Friday. The firm’s 50-day moving average price is $138.51 and its two-hundred day moving average price is $132.49. PPG Industries, Inc. has a 12-month low of $107.06 and a 12-month high of $145.51. The stock has a market capitalization of $33.23 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 1.21 and a beta of 1.18. The company has a current ratio of 1.68, a quick ratio of 1.15 and a debt-to-equity ratio of 0.98.

PPG Industries (NYSE:PPG – Get Rating) last released its quarterly earnings data on Friday, April 21st. The specialty chemicals company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.27. PPG Industries had a net margin of 7.18% and a return on equity of 23.35%. The firm had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the company earned $1.37 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities analysts predict that PPG Industries, Inc. will post 7.25 earnings per share for the current year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Wednesday, May 10th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Tuesday, May 9th. PPG Industries’s dividend payout ratio is currently 46.27%.

Analysts Set New Price Targets

Several research analysts have commented on PPG shares. Credit Suisse Group raised their price target on shares of PPG Industries from $128.00 to $133.00 and gave the company an “underperform” rating in a report on Friday, April 21st. Morgan Stanley lifted their price objective on shares of PPG Industries from $140.00 to $143.00 in a report on Monday, April 24th. Robert W. Baird lifted their price objective on shares of PPG Industries from $150.00 to $160.00 in a report on Monday, April 24th. Mizuho lifted their price objective on shares of PPG Industries from $142.00 to $151.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of PPG Industries from $160.00 to $165.00 in a report on Monday, April 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, PPG Industries has a consensus rating of “Moderate Buy” and an average target price of $148.28.

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.