InterOcean Capital Group LLC Sells 945 Shares of PPG Industries, Inc. (NYSE:PPG)

InterOcean Capital Group LLC cut its holdings in PPG Industries, Inc. (NYSE:PPG) by 24.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,981 shares of the specialty chemicals company’s stock after selling 945 shares during the quarter. InterOcean Capital Group LLC’s holdings in PPG Industries were worth $432,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Advisor Resource Council purchased a new stake in PPG Industries during the 4th quarter valued at $265,000. Mutual Advisors LLC raised its stake in PPG Industries by 10.8% during the 4th quarter. Mutual Advisors LLC now owns 1,887 shares of the specialty chemicals company’s stock valued at $282,000 after buying an additional 184 shares during the last quarter. HB Wealth Management LLC raised its stake in PPG Industries by 1.2% during the 4th quarter. HB Wealth Management LLC now owns 14,974 shares of the specialty chemicals company’s stock valued at $2,239,000 after buying an additional 173 shares during the last quarter. CVA Family Office LLC purchased a new stake in PPG Industries during the 4th quarter valued at $28,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in PPG Industries during the 4th quarter valued at $210,000. 81.86% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Royal Bank of Canada reduced their price objective on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research note on Tuesday. Seaport Res Ptn upgraded PPG Industries from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd. KeyCorp reduced their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Barclays reduced their price objective on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $151.08.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish purchased 2,061 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was purchased at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the acquisition, the chief executive officer now owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is owned by company insiders.

PPG Industries Price Performance

Shares of PPG stock traded up $0.72 during trading hours on Thursday, hitting $125.96. The stock had a trading volume of 1,497,293 shares, compared to its average volume of 1,665,076. PPG Industries, Inc. has a one year low of $120.32 and a one year high of $151.16. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05. The stock’s 50-day moving average price is $129.10 and its two-hundred day moving average price is $135.83. The stock has a market capitalization of $29.39 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 1.71 and a beta of 1.26.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.48 by $0.02. The company had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business posted $2.25 earnings per share. Equities analysts forecast that PPG Industries, Inc. will post 8.26 EPS for the current year.

PPG Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be issued a $0.68 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.16%. PPG Industries’s payout ratio is presently 43.92%.

PPG Industries declared that its Board of Directors has approved a share repurchase program on Thursday, April 18th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

PPG Industries Company Profile

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.