PPG Industries, Inc. $PPG Stock Sold by Park Avenue Securities LLC

Park Avenue Securities LLC cut its holdings in PPG Industries, Inc. (NYSE:PPG) by 57.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,538 shares of the specialty chemicals company’s stock after selling 4,875 shares during the period. Park Avenue Securities LLC’s holdings in PPG Industries were worth $369,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PPG. BlackRock Inc. bought a new stake in PPG Industries in the 2nd quarter valued at about $2,856,392,000. State Street Corp increased its holdings in shares of 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 purchasing an additional 1,124,109 shares during the period. Pzena Investment Management LLC bought a new position in shares of PPG Industries during the second quarter worth approximately $946,964,000. Bank of New York Mellon Corp acquired a new position in PPG Industries in the 2nd quarter valued at $318,870,000. Finally, Dimensional Fund Advisors LP raised its stake in PPG Industries by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company’s stock valued at $312,613,000 after purchasing an additional 58,411 shares in the last quarter. 81.86% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Chancey Hagerty sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $127.14, for a total transaction of $317,850.00. Following the completion of the transaction, the vice president directly owned 9,761 shares in the company, valued at $1,241,013.54. This represents a 20.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.33% of the company’s stock.

PPG Industries Stock Performance

NYSE:PPG opened at $122.51 on Friday. The stock’s 50-day simple moving average is $109.79 and its 200 day simple moving average is $112.85. The firm has a market capitalization of $27.06 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 2.11 and a beta of 1.00. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.71. PPG Industries, Inc. has a twelve month low of $93.39 and a twelve month high of $133.43.

PPG Industries (NYSE:PPG) last issued its earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, topping the consensus estimate of $2.12 by $0.13. The firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.28 billion. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.13 earnings per share. On average, analysts anticipate that PPG Industries, Inc. will post 7.98 EPS for the current fiscal year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 10th will be issued a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $2.96 annualized dividend and a dividend yield of 2.4%. PPG Industries’s payout ratio is 42.29%.

Analyst Upgrades and Downgrades

Several research firms have commented on PPG. JPMorgan Chase & Co. raised their target price on shares of PPG Industries from $125.00 to $130.00 and gave the company an “overweight” rating in a report 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 report on Thursday, October 29th. The Goldman Sachs Group reiterated a “buy” rating and set a $128.00 price target on shares of PPG Industries in a research report on Friday, October 9th. Wells Fargo & Company lifted their price objective on shares of PPG Industries from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $137.00 price objective on shares of PPG Industries in a research note on Thursday, October 29th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $128.29.

PPG Industries Profile

PPG Industries, Inc is a global supplier of paints, coatings and specialty materials. Founded in 1883 as Pittsburgh Plate Glass, the company has expanded beyond its original glass business and is headquartered in Pittsburgh, Pennsylvania.

PPG’s products include architectural paints and coatings, automotive finishes, aerospace coatings, protective and marine coatings, and coatings for industrial and packaging applications. Its specialty materials support uses in areas such as construction, transportation and manufacturing.

The company serves customers in markets around the world, including through operations in the Americas, Europe, the Middle East, Africa and Asia Pacific.