PPG Industries, Inc. $PPG Stock Sold by Platform Technology Partners

Platform Technology Partners decreased its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 63.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,642 shares of the specialty chemicals company’s stock after selling 6,458 shares during the quarter. Platform Technology Partners’ holdings in PPG Industries were worth $380,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of PPG Industries in the 2nd quarter worth $2,856,392,000. State Street Corp raised its holdings in shares of PPG Industries by 8.8% during the 2nd quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company’s stock worth $1,682,428,000 after acquiring an additional 1,124,109 shares during the period. Pzena Investment Management LLC acquired a new position in shares of PPG Industries during the 2nd quarter valued at about $946,964,000. Bank of New York Mellon Corp acquired a new position in shares of PPG Industries during the 2nd quarter valued at about $318,870,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of PPG Industries by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company’s stock valued at $312,613,000 after acquiring an additional 58,411 shares during the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

Insider Activity at PPG Industries

In other news, VP Chancey Hagerty sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $127.14, for a total value of $317,850.00. Following the transaction, the vice president directly owned 9,761 shares in the company, valued at approximately $1,241,013.54. This represents a 20.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

PPG Industries Trading Down 0.6%

Shares of NYSE:PPG traded down $0.76 during midday trading on Friday, reaching $122.51. 1,458,098 shares of the company’s stock were exchanged, compared to its average volume of 2,043,655. The stock has a market cap of $27.06 billion, a price-to-earnings ratio of 17.50, a P/E/G ratio of 2.15 and a beta of 1.00. 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 $109.79 and its two-hundred day simple moving average is $112.85. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15.

PPG Industries (NYSE:PPG) last posted its earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.13. The company had revenue of $4.35 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.13 earnings per share. As a group, sell-side analysts forecast that PPG Industries, Inc. will post 7.98 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 10th will be paid a $0.74 dividend. 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%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of PPG Industries from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $137.00 target price on shares of PPG Industries in a research note on Thursday, October 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of PPG Industries in a report on Monday, September 14th. Bank of America raised shares of PPG Industries from a “neutral” rating to a “buy” rating and increased their price target for the company from $127.00 to $134.00 in a research note on Friday, July 17th. Finally, Royal Bank Of Canada raised their price target on shares of 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 issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.29.

About PPG Industries

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.

The company serves customers in markets around the world, including through operations in the Americas, Europe, the Middle East, Africa and Asia Pacific.