First Hawaiian Bank Has $1.34 Million Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

First Hawaiian Bank boosted its position in shares of PPG Industries, Inc. (NYSE:PPG) by 5.8% in the second quarter, Holdings Channel.com reports. The firm owned 10,660 shares of the specialty chemicals company’s stock after purchasing an additional 589 shares during the period. First Hawaiian Bank’s holdings in PPG Industries were worth $1,342,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of PPG Industries by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after buying an additional 4,222,402 shares in the last quarter. Norges Bank acquired a new stake in PPG Industries in the fourth quarter valued at approximately $554,685,000. International Assets Investment Management LLC bought a new stake in PPG Industries in the fourth quarter worth approximately $74,492,000. Charles Schwab Investment Management Inc. increased its stake 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 purchasing an additional 496,998 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of PPG Industries by 30.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,768,094 shares of the specialty chemicals company’s stock valued at $264,424,000 after purchasing an additional 417,145 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insider Activity at PPG Industries

In other PPG Industries news, CEO Timothy M. Knavish purchased 2,061 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were purchased at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the purchase, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PPG. UBS Group upped their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. KeyCorp lowered their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Bank of America decreased their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Seaport Res Ptn raised shares of PPG Industries from a “neutral” rating to a “buy” rating in a research report on Monday, April 22nd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $151.08.

PPG Industries Stock Performance

PPG Industries stock traded up $1.06 during mid-day trading on Tuesday, reaching $120.45. The company had a trading volume of 1,229,051 shares, compared to its average volume of 1,658,078. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. The firm has a market cap of $28.25 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 1.70 and a beta of 1.26. The company has a 50 day moving average of $127.88 and a 200-day moving average of $134.63. PPG Industries, Inc. has a 52 week low of $118.96 and a 52 week high of $151.16.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.02. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter last year, the company earned $2.25 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. On average, sell-side analysts expect that PPG Industries, Inc. will post 8.25 EPS for the current fiscal year.

PPG Industries announced that its board has authorized a share repurchase plan on Thursday, April 18th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 8.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

PPG Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be given a dividend of $0.68 per share. The ex-dividend date is Monday, August 12th. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.26%. PPG Industries’s payout ratio is currently 45.95%.

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.