The Manufacturers Life Insurance Company Sells 474,679 Shares of PPG Industries, Inc. (NYSE:PPG)

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The Manufacturers Life Insurance Company decreased its position in PPG Industries, Inc. (NYSE:PPG) by 66.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund 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 0.10% of PPG Industries worth $29,261,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Nuveen Asset Management LLC grew its holdings in shares of PPG Industries by 1.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,395,734 shares of the specialty chemicals company’s stock worth $254,092,000 after purchasing an additional 23,383 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of PPG Industries by 2.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,266,578 shares of the specialty chemicals company’s stock worth $134,333,000 after purchasing an additional 31,669 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in shares of PPG Industries by 35.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,207,048 shares of the specialty chemicals company’s stock worth $128,020,000 after purchasing an additional 313,412 shares during the last quarter. FMR LLC grew its holdings in shares of PPG Industries by 84.3% in the 2nd quarter. FMR LLC now owns 1,136,356 shares of the specialty chemicals company’s stock worth $120,522,000 after purchasing an additional 519,829 shares during the last quarter. Finally, Swiss National Bank lifted its position in PPG Industries by 1.6% during the 2nd quarter. Swiss National Bank now owns 932,247 shares of the specialty chemicals company’s stock worth $98,874,000 after buying an additional 14,400 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

PPG has been the topic of several research reports. Royal Bank of Canada upped their price target on shares of PPG Industries from $141.00 to $144.00 and gave the stock an “outperform” rating in a research report on Friday, October 9th. Credit Suisse Group upped their price target on shares of PPG Industries from $130.00 to $136.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 21st. 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. Wells Fargo & Company upped their price target on shares of PPG Industries from $146.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 21st. Finally, BMO Capital Markets upped their price target on shares of PPG Industries from $173.00 to $178.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 21st. 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.

NYSE PPG opened at $143.04 on Friday. The business has a 50 day simple moving average of $134.71 and a 200 day simple moving average of $116.12. PPG Industries, Inc. has a 52-week low of $69.77 and a 52-week high of $149.34. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.03 and a current ratio of 1.35. The stock has a market cap of $33.79 billion, a price-to-earnings ratio of 31.58, a PEG 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. On average, analysts predict that PPG Industries, Inc. will post 5.54 EPS 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.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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