PPG Industries, Inc. $PPG Stock: State of Wyoming Cuts Holdings

State of Wyoming lessened its holdings in PPG Industries, Inc. (NYSE:PPG) by 99.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 615 shares of the specialty chemicals company’s stock after selling 60,059 shares during the quarter. State of Wyoming’s holdings in PPG Industries were worth $64,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PPG. Meeder Asset Management Inc. bought a new stake in shares of PPG Industries during the second quarter worth approximately $26,000. Keating Financial Advisory Services Inc. bought a new position in PPG Industries in the second quarter valued at approximately $28,000. Community Bank N.A. acquired a new stake in PPG Industries during the 2nd quarter worth $28,000. Pin Oak Investment Advisors Inc. acquired a new stake in PPG Industries during the 2nd quarter worth $29,000. Finally, Silvant Capital Management LLC acquired a new stake in PPG Industries during the 2nd quarter worth $30,000. Institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Down 2.1%

Shares of NYSE:PPG opened at $122.38 on Friday. The company has a 50 day moving average price of $110.78 and a two-hundred day moving average price of $113.07. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.58. The company has a market capitalization of $27.03 billion, a PE ratio of 17.48, a PEG ratio of 2.15 and a beta of 1.00. PPG Industries, Inc. has a 52 week low of $93.39 and a 52 week high of $133.43.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.13. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The company had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same period last year, the firm posted $2.13 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. Analysts forecast that PPG Industries, Inc. will post 7.98 earnings per share for the current year.

PPG Industries Announces Dividend

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

Insider Transactions at PPG Industries

In other PPG Industries news, VP Chancey Hagerty sold 2,500 shares of the business’s stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $127.14, for a total value of $317,850.00. Following the completion of the transaction, the vice president directly owned 9,761 shares of the company’s stock, valued at approximately $1,241,013.54. The trade was a 20.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PPG shares. UBS Group increased their price target on PPG Industries from $116.00 to $123.00 and gave the company a “neutral” rating in a research note on Thursday, October 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PPG Industries in a research note on Monday, September 14th. Barclays upped their price objective on PPG Industries from $136.00 to $137.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. KeyCorp increased their target price on PPG Industries from $128.00 to $131.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Finally, Bank of America upgraded PPG Industries from a “neutral” rating to a “buy” rating and raised their target price for the stock from $127.00 to $134.00 in a report on Friday, July 17th. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $128.29.

PPG Industries Company Profile

PPG Industries, Inc. is a global supplier of paints, coatings and specialty materials. Founded in 1883 as Pittsburgh Plate Glass, the company has expanded beyond its original glass business and is headquartered in Pittsburgh, Pennsylvania. PPG’s products include architectural paints and coatings, automotive finishes, aerospace coatings, protective and marine coatings, and coatings for industrial and packaging applications. Its specialty materials support uses in areas such as construction, transportation and manufacturing.