Cetera Advisor Networks LLC lessened its position in PPG Industries, Inc. (NYSE:PPG) by 11.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,961 shares of the specialty chemicals company’s stock after selling 935 shares during the period. Cetera Advisor Networks LLC’s holdings in PPG Industries were worth $824,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in PPG Industries by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 20,084,688 shares of the specialty chemicals company’s stock valued at $2,344,085,000 after buying an additional 100,494 shares during the period. BlackRock Inc. grew its stake in shares of PPG Industries by 1.6% in the 2nd quarter. BlackRock Inc. now owns 14,692,566 shares of the specialty chemicals company’s stock worth $1,714,770,000 after purchasing an additional 232,493 shares during the last quarter. Parnassus Investments CA grew its stake in shares of PPG Industries by 0.4% in the 3rd quarter. Parnassus Investments CA now owns 4,202,516 shares of the specialty chemicals company’s stock worth $498,040,000 after purchasing an additional 17,975 shares during the last quarter. Northern Trust Corp grew its stake in shares of PPG Industries by 2.3% in the 2nd quarter. Northern Trust Corp now owns 2,861,816 shares of the specialty chemicals company’s stock worth $334,003,000 after purchasing an additional 63,949 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of PPG Industries by 2.8% in the 2nd quarter. Bank of America Corp DE now owns 2,704,576 shares of the specialty chemicals company’s stock worth $315,653,000 after purchasing an additional 74,572 shares during the last quarter. 77.20% of the stock is currently owned by institutional investors and hedge funds.
Shares of PPG opened at $129.50 on Monday. PPG Industries, Inc. has a one year low of $94.41 and a one year high of $130.81. The company has a 50-day moving average of $122.36 and a two-hundred day moving average of $116.23. The stock has a market cap of $30.68 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 2.22 and a beta of 1.24. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.49 and a quick ratio of 1.08.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, November 8th. PPG Industries’s payout ratio is 34.46%.
Several brokerages have recently issued reports on PPG. Citigroup lowered their price objective on shares of PPG Industries from $136.00 to $133.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Wells Fargo & Co began coverage on shares of PPG Industries in a research note on Tuesday, October 15th. They issued an “outperform” rating and a $140.00 price objective on the stock. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 price objective on the stock. in a research note on Wednesday, October 16th. ValuEngine cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised shares of PPG Industries from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $108.00 to $120.00 in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. PPG Industries has a consensus rating of “Hold” and a consensus target price of $128.44.
In related news, CEO Michael H. Mcgarry sold 11,916 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $125.00, for a total transaction of $1,489,500.00. Following the completion of the sale, the chief executive officer now directly owns 131,350 shares in the company, valued at $16,418,750. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael H. Mcgarry sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $120.00, for a total transaction of $1,440,000.00. Following the sale, the chief executive officer now owns 131,434 shares of the company’s stock, valued at $15,772,080. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,366 shares of company stock valued at $6,888,000. Corporate insiders own 0.37% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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