BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stock Position in PPG Industries, Inc. (NYSE:PPG)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 13.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,124 shares of the specialty chemicals company’s stock after selling 5,953 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PPG Industries were worth $5,182,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PPG. Vest Financial LLC lifted its stake in PPG Industries by 28.9% in the 2nd quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company’s stock valued at $42,516,000 after buying an additional 75,620 shares in the last quarter. Equity Investment Corp lifted its position in shares of PPG Industries by 7.0% in the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock valued at $86,006,000 after acquiring an additional 42,380 shares in the last quarter. BDF Gestion acquired a new stake in shares of PPG Industries in the second quarter worth approximately $3,452,000. Ritholtz Wealth Management purchased a new stake in shares of PPG Industries during the third quarter worth approximately $604,000. Finally, Swedbank AB raised its stake in PPG Industries by 6.3% in the 2nd quarter. Swedbank AB now owns 158,761 shares of the specialty chemicals company’s stock valued at $19,986,000 after purchasing an additional 9,412 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 PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the transaction, the vice president now owns 13,454 shares of the company’s stock, valued at $1,692,513.20. This trade represents a 12.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Royal Bank of Canada lowered their target price on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 22nd. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective (down previously from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. StockNews.com lowered shares of PPG Industries from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. lowered their target price on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Finally, Mizuho cut their price target on PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $149.93.

PPG Industries Stock Up 1.3 %

Shares of PPG opened at $125.96 on Tuesday. The company’s 50-day moving average price is $126.65 and its 200 day moving average price is $127.01. PPG Industries, Inc. has a 12-month low of $118.07 and a 12-month high of $151.16. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm has a market cap of $29.22 billion, a P/E ratio of 19.96, a price-to-earnings-growth ratio of 1.90 and a beta of 1.26.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share (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 company had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the firm posted $2.07 earnings per share. PPG Industries’s revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that PPG Industries, Inc. will post 8.18 earnings per share for the current year.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.68 per share. The ex-dividend date is Tuesday, November 12th. This represents a $2.72 annualized dividend and a dividend yield of 2.16%. PPG Industries’s dividend payout ratio is currently 43.11%.

PPG Industries 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.