Truist Financial Corp Sells 1,052 Shares of PPG Industries, Inc. (NYSE:PPG)

Truist Financial Corp lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 1.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 79,784 shares of the specialty chemicals company’s stock after selling 1,052 shares during the period. Truist Financial Corp’s holdings in PPG Industries were worth $11,932,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Valued Wealth Advisors LLC bought a new position in PPG Industries during the 4th quarter valued at about $26,000. SJS Investment Consulting Inc. increased its position in shares of PPG Industries by 588.5% during the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 153 shares during the last quarter. CVA Family Office LLC purchased a new stake in shares of PPG Industries during the 4th quarter valued at about $28,000. Financial Connections Group Inc. purchased a new stake in shares of PPG Industries during the 4th quarter valued at about $30,000. Finally, OFI Invest Asset Management purchased a new stake in shares of PPG Industries during the 3rd quarter valued at about $25,000. Institutional investors own 81.86% of the company’s stock.

PPG Industries Trading Up 1.5 %

Shares of PPG opened at $130.98 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08. PPG Industries, Inc. has a 1 year low of $120.32 and a 1 year high of $152.89. The company has a 50 day simple moving average of $138.61 and a two-hundred day simple moving average of $138.91. The firm has a market cap of $30.71 billion, a P/E ratio of 22.13, a price-to-earnings-growth ratio of 1.60 and a beta of 1.30.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same period last year, the firm posted $1.82 EPS. The company’s revenue was down 1.6% on a year-over-year basis. On average, equities analysts expect that PPG Industries, Inc. will post 8.45 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.99%. PPG Industries’s dividend payout ratio is currently 43.92%.

PPG Industries declared that its board has approved a share repurchase plan on Thursday, April 18th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PPG shares. Royal Bank of Canada reduced their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. StockNews.com raised shares of PPG Industries from a “hold” rating to a “buy” rating in a research report on Tuesday. Robert W. Baird reaffirmed an “outperform” rating and set a $150.00 price target on shares of PPG Industries in a research report on Friday, January 19th. Wolfe Research began coverage on shares of PPG Industries in a research report on Friday, March 1st. They set a “peer perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $155.47.

Insider Activity

In other news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.