The Manufacturers Life Insurance Company trimmed its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 66.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 239,688 shares of the specialty chemicals company’s stock after selling 474,679 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.10% of PPG Industries worth $29,261,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in PPG. Glassman Wealth Services increased its position in shares of PPG Industries by 163.4% in the third quarter. Glassman Wealth Services now owns 266 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 165 shares in the last quarter. CX Institutional increased its holdings in PPG Industries by 144.0% in the 2nd quarter. CX Institutional now owns 327 shares of the specialty chemicals company’s stock valued at $35,000 after buying an additional 193 shares during the period. AlphaMark Advisors LLC increased its holdings in PPG Industries by 87.5% in the 2nd quarter. AlphaMark Advisors LLC now owns 375 shares of the specialty chemicals company’s stock valued at $40,000 after buying an additional 175 shares during the period. NEXT Financial Group Inc bought a new stake in PPG Industries in the 3rd quarter valued at $60,000. Finally, Campbell Wealth Management bought a new stake in shares of PPG Industries in the 2nd quarter worth about $66,000. 77.11% of the stock is currently owned by institutional investors.
Several equities research analysts have recently weighed in on PPG shares. Wells Fargo & Company upped their target price on shares of PPG Industries from $146.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, October 21st. UBS Group upped their target price on shares of PPG Industries from $132.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Zacks Investment Research raised shares of PPG Industries from a “hold” rating to a “strong-buy” rating and set a $144.00 target price on the stock in a report on Tuesday, October 13th. Deutsche Bank Aktiengesellschaft upped their target price on shares of PPG Industries from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Finally, Evercore ISI initiated coverage on shares of PPG Industries in a research report on Tuesday, September 22nd. They set an “inline” rating and a $135.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $132.44.
In related news, VP William E. Schaupp sold 3,850 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $134.66, for a total transaction of $518,441.00. Following the completion of the sale, the vice president now directly owns 4,333 shares of the company’s stock, valued at approximately $583,481.78. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael H. Mcgarry sold 81,022 shares of the stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $133.65, for a total value of $10,828,590.30. Following the sale, the chief executive officer now directly owns 173,940 shares of the company’s stock, valued at $23,247,081. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,172 shares of company stock valued at $13,193,588. 0.41% of the stock is owned by company insiders.
Shares of PPG stock opened at $143.04 on Friday. The stock has a 50-day moving average of $134.71 and a 200-day moving average of $116.12. PPG Industries, Inc. has a one year low of $69.77 and a one year high of $149.34. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.35 and a quick ratio of 1.03. The stock has a market cap of $33.79 billion, a PE ratio of 31.58, a price-to-earnings-growth ratio of 4.01 and a beta of 1.22.
PPG Industries (NYSE:PPG) last posted its earnings results on Monday, October 19th. The specialty chemicals company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.01. PPG Industries had a return on equity of 25.46% and a net margin of 7.85%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.60 billion. During the same period in the prior year, the business earned $1.67 EPS. PPG Industries’s revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, research analysts anticipate that PPG Industries, Inc. will post 5.54 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 10th will be paid a dividend of $0.54 per share. The ex-dividend date is Monday, November 9th. This represents a $2.16 dividend on an annualized basis and a yield of 1.51%. PPG Industries’s payout ratio is 34.73%.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
Featured Story: How Do Mutual Funds Work?
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.