Illinois Municipal Retirement Fund Grows Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

Illinois Municipal Retirement Fund lifted its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 10.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,505 shares of the specialty chemicals company's stock after purchasing an additional 5,422 shares during the quarter. Illinois Municipal Retirement Fund's holdings in PPG Industries were worth $6,750,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its position in PPG Industries by 15.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,322 shares of the specialty chemicals company's stock valued at $2,030,000 after acquiring an additional 2,047 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of PPG Industries by 6.9% in the 3rd quarter. Private Advisor Group LLC now owns 12,123 shares of the specialty chemicals company's stock valued at $1,606,000 after purchasing an additional 781 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of PPG Industries by 20.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,457 shares of the specialty chemicals company's stock valued at $3,291,000 after purchasing an additional 4,212 shares during the last quarter. abrdn plc raised its position in PPG Industries by 1.1% in the 3rd quarter. abrdn plc now owns 266,825 shares of the specialty chemicals company's stock worth $35,194,000 after purchasing an additional 2,894 shares during the period. Finally, Farmers & Merchants Investments Inc. lifted its stake in PPG Industries by 19.1% in the third quarter. Farmers & Merchants Investments Inc. now owns 20,048 shares of the specialty chemicals company's stock worth $2,656,000 after purchasing an additional 3,209 shares during the last quarter. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Stock Up 0.6 %

Shares of NYSE PPG opened at $115.07 on Thursday. The firm has a fifty day simple moving average of $117.83 and a two-hundred day simple moving average of $123.15. The firm has a market capitalization of $26.11 billion, a PE ratio of 24.33, a price-to-earnings-growth ratio of 2.19 and a beta of 1.23. 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, Inc. has a 12 month low of $110.20 and a 12 month high of $145.60.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. Equities analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a dividend of $0.68 per share. The ex-dividend date is Friday, February 21st. This represents a $2.72 annualized dividend and a dividend yield of 2.36%. PPG Industries's dividend payout ratio is presently 57.51%.

Wall Street Analyst Weigh In

PPG has been the topic of a number of recent research reports. Barclays reaffirmed an "equal weight" rating on shares of PPG Industries in a research note on Monday, February 3rd. Mizuho decreased their price target on PPG Industries from $150.00 to $140.00 and set an "outperform" rating on the stock in a research note on Monday, February 3rd. Citigroup lowered their price objective on PPG Industries from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Wednesday, December 18th. Wells Fargo & Company cut their target price on shares of PPG Industries from $150.00 to $135.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of PPG Industries from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, PPG Industries currently has a consensus rating of "Moderate Buy" and an average price target of $138.15.

Insider Activity at PPG Industries

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of the firm's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $118.35, for a total transaction of $568,080.00. Following the completion of the transaction, the chief executive officer now owns 35,833 shares of the company's stock, valued at approximately $4,240,835.55. This trade represents a 11.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.56% of the stock is currently owned by corporate insiders.

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.

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