Earnest Partners LLC Decreases Stock Position in PPG Industries, Inc. (NYSE:PPG)

Earnest Partners LLC trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 26.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,040 shares of the specialty chemicals company’s stock after selling 3,680 shares during the period. Earnest Partners LLC’s holdings in PPG Industries were worth $1,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in PPG. Private Wealth Management Group LLC acquired a new position in PPG Industries in the 4th quarter valued at about $27,000. CVA Family Office LLC acquired a new position in PPG Industries during the 4th quarter worth approximately $28,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of PPG Industries during the 4th quarter worth approximately $29,000. LifeSteps Financial Inc. purchased a new stake in shares of PPG Industries during the 1st quarter worth approximately $29,000. Finally, YHB Investment Advisors Inc. purchased a new stake in shares of PPG Industries during the 1st quarter worth approximately $29,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Price Performance

NYSE PPG traded down $0.27 on Tuesday, reaching $127.47. 283,625 shares of the stock traded hands, compared to its average volume of 1,652,202. The firm’s fifty day simple moving average is $128.67 and its 200 day simple moving average is $135.33. 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 company has a market cap of $29.74 billion, a price-to-earnings ratio of 21.58, a P/E/G ratio of 1.72 and a beta of 1.26. PPG Industries, Inc. has a 12 month low of $120.32 and a 12 month high of $151.16.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.02. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same quarter in the prior year, the firm earned $2.25 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, research analysts predict that PPG Industries, Inc. will post 8.26 EPS for the current fiscal year.

PPG Industries announced that its Board of Directors has initiated a stock buyback program on Thursday, April 18th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be issued a $0.68 dividend. 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 2.13%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio is presently 43.92%.

Insider Activity

In other PPG Industries news, CEO Timothy M. Knavish bought 2,061 shares of PPG Industries stock in a transaction dated Wednesday, May 8th. The stock was bought 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 directly owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Seaport Res Ptn raised PPG Industries from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd. UBS Group raised their target price on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Citigroup lowered their target price on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Royal Bank of Canada lowered their target price on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Company upgraded PPG Industries from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $151.08.

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.