abrdn plc Sells 9,337 Shares of PPG Industries, Inc. (NYSE:PPG)

abrdn plc reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 3.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 257,488 shares of the specialty chemicals company’s stock after selling 9,337 shares during the quarter. abrdn plc owned approximately 0.11% of PPG Industries worth $30,668,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Legend Financial Advisors Inc. bought a new position in shares of PPG Industries during the 4th quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. lifted its holdings in PPG Industries by 465.1% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 200 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in PPG Industries during the 3rd quarter valued at $34,000. Albion Financial Group UT acquired a new stake in PPG Industries during the 4th quarter valued at $38,000. Finally, Hara Capital LLC acquired a new stake in PPG Industries during the 3rd quarter valued at $40,000. 81.86% of the stock is owned by institutional investors.

PPG Industries Stock Up 1.2 %

Shares of NYSE PPG opened at $112.61 on Thursday. 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 company has a market cap of $26.13 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 1.99 and a beta of 1.23. PPG Industries, Inc. has a 12 month low of $110.20 and a 12 month high of $145.60. The stock has a 50-day moving average price of $120.59 and a two-hundred day moving average price of $124.07.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. As a group, analysts forecast that PPG Industries, Inc. will post 7.9 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, February 21st. PPG Industries’s dividend payout ratio is currently 57.51%.

Analyst Upgrades and Downgrades

PPG has been the subject of several research reports. Royal Bank of Canada cut their price target on PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a report on Tuesday. Barclays dropped their target price on PPG Industries from $144.00 to $125.00 and set an “equal weight” rating for the company in a report on Monday. StockNews.com downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday. KeyCorp downgraded PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, December 16th. Finally, UBS Group dropped their target price on PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Friday, January 31st. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $140.92.

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.