Grove Bank & Trust Increases Stock Position in PPG Industries, Inc. (NYSE:PPG)

Grove Bank & Trust raised its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 9.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,760 shares of the specialty chemicals company’s stock after purchasing an additional 514 shares during the period. Grove Bank & Trust’s holdings in PPG Industries were worth $688,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Insight Folios Inc lifted its stake in PPG Industries by 3.8% in the third quarter. Insight Folios Inc now owns 2,217 shares of the specialty chemicals company’s stock worth $294,000 after acquiring an additional 81 shares during the period. Alpha DNA Investment Management LLC lifted its position in shares of PPG Industries by 1.1% in the 3rd quarter. Alpha DNA Investment Management LLC now owns 8,344 shares of the specialty chemicals company’s stock worth $1,105,000 after purchasing an additional 92 shares during the period. Groupama Asset Managment boosted its stake in shares of PPG Industries by 1.2% during the third quarter. Groupama Asset Managment now owns 7,750 shares of the specialty chemicals company’s stock valued at $1,027,000 after purchasing an additional 93 shares in the last quarter. Kingsview Wealth Management LLC increased its holdings in PPG Industries by 1.3% during the third quarter. Kingsview Wealth Management LLC now owns 8,185 shares of the specialty chemicals company’s stock valued at $1,084,000 after buying an additional 107 shares during the period. Finally, Global X Japan Co. Ltd. lifted its holdings in PPG Industries by 3.6% during the third quarter. Global X Japan Co. Ltd. now owns 3,369 shares of the specialty chemicals company’s stock worth $446,000 after buying an additional 116 shares during the period. Institutional investors own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of NYSE PPG opened at $120.14 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The stock has a market capitalization of $27.87 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 1.77 and a beta of 1.24. The firm’s 50 day simple moving average is $121.26 and its 200-day simple moving average is $124.80. PPG Industries, Inc. has a 12 month low of $113.00 and a 12 month high of $145.86.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, February 21st. PPG Industries’s payout ratio is currently 43.11%.

Insider Activity

In related news, VP Anne M. Foulkes sold 1,985 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the sale, the vice president now owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. This represents a 12.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

PPG has been the topic of a number of analyst reports. Citigroup cut their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. BMO Capital Markets restated an “outperform” rating and issued a $155.00 price target (down from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Mizuho reduced their price objective on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, StockNews.com downgraded PPG Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 20th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.23.

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.