PPG Industries, Inc. (NYSE:PPG) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 6.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,987,997 shares of the specialty chemicals company’s stock after selling 451,364 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in PPG Industries were worth $925,630,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PPG. Covestor Ltd increased its position in PPG Industries by 25.2% during the first quarter. Covestor Ltd now owns 582 shares of the specialty chemicals company’s stock worth $84,000 after purchasing an additional 117 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of PPG Industries by 62.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 15,410 shares of the specialty chemicals company’s stock worth $2,233,000 after buying an additional 5,930 shares during the last quarter. National Bank of Canada FI raised its position in shares of PPG Industries by 13.7% in the 1st quarter. National Bank of Canada FI now owns 119,924 shares of the specialty chemicals company’s stock worth $16,229,000 after buying an additional 14,473 shares during the period. Pitcairn Co. boosted its holdings in PPG Industries by 16.3% in the first quarter. Pitcairn Co. now owns 1,623 shares of the specialty chemicals company’s stock valued at $235,000 after acquiring an additional 228 shares during the last quarter. Finally, Natixis purchased a new stake in PPG Industries during the first quarter valued at about $1,926,000. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Price Performance

PPG stock opened at $121.29 on Thursday. The company has a market capitalization of $28.14 billion, a PE ratio of 19.22, a P/E/G ratio of 1.85 and a beta of 1.26. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The stock’s 50 day moving average is $127.14 and its two-hundred day moving average is $127.59. PPG Industries, Inc. has a 52-week low of $118.07 and a 52-week high of $151.16.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The company had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.66 billion. PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.07 EPS. Analysts predict that PPG Industries, Inc. will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Tuesday, November 12th. PPG Industries’s dividend payout ratio is currently 43.11%.

Insider Buying and Selling at PPG Industries

In other news, VP Anne M. Foulkes sold 1,985 shares of PPG Industries stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the transaction, the vice president now directly owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. The trade was a 12.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PPG shares. StockNews.com upgraded PPG Industries from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Royal Bank of Canada reduced their price target on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 22nd. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. JPMorgan Chase & Co. cut their target price on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Finally, Mizuho decreased their price target on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, PPG Industries currently has an average rating of “Moderate Buy” and a consensus price target of $149.93.

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.