33,800 PPG Industries, Inc. $PPG Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC decreased its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,773,638 shares of the specialty chemicals company’s stock after selling 33,800 shares during the period. PPG Industries comprises approximately 2.4% of Pzena Investment Management LLC’s investment portfolio, making the stock its 17th largest holding. Pzena Investment Management LLC’s holdings in PPG Industries were worth $811,024,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in PPG. BlackRock Inc. purchased a new stake in PPG Industries in the 2nd quarter worth $2,856,392,000. State Street Corp raised its position in PPG Industries by 8.8% during the second quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company’s stock worth $1,682,428,000 after acquiring an additional 1,124,109 shares during the period. Dimensional Fund Advisors LP raised its position in PPG Industries by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company’s stock worth $312,613,000 after acquiring an additional 58,411 shares during the period. Bank of New York Mellon Corp purchased a new position in PPG Industries during the second quarter valued at $318,870,000. Finally, Bank of America Corp DE purchased a new position in PPG Industries during the second quarter valued at $278,965,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Stock Up 5.1%

Shares of PPG opened at $127.42 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.58. PPG Industries, Inc. has a one year low of $93.39 and a one year high of $133.43. The stock has a market capitalization of $28.15 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 2.09 and a beta of 1.00. The stock has a 50 day moving average price of $109.43 and a 200 day moving average price of $112.71.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.13. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. The company had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter last year, the firm posted $2.13 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts forecast that PPG Industries, Inc. will post 7.98 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 10th will be given a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, November 10th. PPG Industries’s dividend payout ratio is 42.29%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PPG shares. KeyCorp lifted their target price on shares of PPG Industries from $128.00 to $131.00 and gave the company an “overweight” rating in a research report on Thursday, October 29th. Wells Fargo & Company boosted their target price on shares of PPG Industries from $130.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Royal Bank Of Canada upped their price target on shares of PPG Industries from $115.00 to $123.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 29th. Bank of America raised shares of PPG Industries from a “neutral” rating to a “buy” rating and raised their price target for the company from $127.00 to $134.00 in a research note on Friday, July 17th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $128.00 price objective on shares of PPG Industries in a report on Friday, October 9th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $128.29.

PPG Industries Company Profile

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.