Wolverine Asset Management LLC Makes New Investment in PPG Industries, Inc. (NYSE:PPG)

Wolverine Asset Management LLC purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,000 shares of the specialty chemicals company’s stock, valued at approximately $662,000.

A number of other institutional investors have also modified their holdings of the company. Financial Connections Group Inc. purchased a new stake in PPG Industries during the second quarter worth about $25,000. Capital Performance Advisors LLP acquired a new position in shares of PPG Industries in the third quarter valued at approximately $34,000. Rothschild Investment LLC purchased a new stake in PPG Industries during the 2nd quarter worth approximately $37,000. Hara Capital LLC purchased a new stake in PPG Industries during the 3rd quarter worth approximately $40,000. Finally, Ashton Thomas Securities LLC acquired a new stake in PPG Industries during the 3rd quarter worth approximately $46,000. 81.86% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of PPG Industries stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total value of $249,713.00. Following the sale, the vice president now owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.55% of the company’s stock.

PPG Industries Stock Performance

Shares of PPG opened at $123.41 on Thursday. The company’s 50 day simple moving average is $127.52 and its 200-day simple moving average is $127.93. PPG Industries, Inc. has a 12-month low of $118.07 and a 12-month high of $151.16. The firm has a market cap of $28.63 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 1.86 and a beta of 1.26. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last announced its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the company posted $2.07 earnings per share. PPG Industries’s quarterly revenue was down 1.5% on a year-over-year basis. As a group, equities analysts predict that PPG Industries, Inc. will post 8.18 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is presently 43.11%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PPG. Barclays cut their price objective on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, July 22nd. Mizuho decreased their price objective on PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. KeyCorp cut their target price on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Bank of America lowered their price target on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Finally, Royal Bank of Canada reduced their price objective on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.93.

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.