PPG Industries, Inc. $PPG Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 3.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 606,024 shares of the specialty chemicals company’s stock after selling 21,422 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in PPG Industries were worth $63,226,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Essential Partners LLC increased its stake in PPG Industries by 59.3% during the first quarter. Essential Partners LLC now owns 301 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 112 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of PPG Industries by 6.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,012 shares of the specialty chemicals company’s stock worth $244,000 after buying an additional 114 shares during the last quarter. Ancora Advisors LLC boosted its holdings in shares of PPG Industries by 36.5% in the 2nd quarter. Ancora Advisors LLC now owns 430 shares of the specialty chemicals company’s stock valued at $52,000 after buying an additional 115 shares during the period. Glenview Trust Co boosted its holdings in shares of PPG Industries by 0.8% in the 3rd quarter. Glenview Trust Co now owns 16,047 shares of the specialty chemicals company’s stock valued at $1,674,000 after buying an additional 125 shares during the period. Finally, Wealth Alliance LLC grew its position in shares of PPG Industries by 2.8% during the 1st quarter. Wealth Alliance LLC now owns 5,125 shares of the specialty chemicals company’s stock valued at $548,000 after buying an additional 139 shares during the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Bank of America upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $127.00 to $134.00 in a research note on Friday, July 17th. Barclays lifted their target price on PPG Industries from $136.00 to $137.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Citigroup upped their target price on PPG Industries from $118.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. JPMorgan Chase & Co. increased their price target on PPG Industries from $125.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Finally, Royal Bank Of Canada raised their price target on PPG Industries from $115.00 to $123.00 and gave the stock a “sector perform” rating in a report on Thursday, October 29th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $128.29.

PPG Industries Stock Down 3.0%

PPG stock opened at $121.11 on Wednesday. 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 fifty-two week low of $93.39 and a fifty-two week high of $133.43. The firm’s 50-day simple moving average is $109.16 and its 200 day simple moving average is $112.63. The stock has a market cap of $26.75 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.00.

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

PPG Industries Dividend Announcement

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

PPG Industries 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.