New York State Common Retirement Fund Sells 26,000 Shares of PPG Industries, Inc. (NYSE:PPG)

New York State Common Retirement Fund cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 12.7% in the third quarter, Holdings Channel.com reports. The firm owned 178,071 shares of the specialty chemicals company’s stock after selling 26,000 shares during the quarter. New York State Common Retirement Fund’s holdings in PPG Industries were worth $23,587,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Financial Connections Group Inc. purchased a new stake in shares of PPG Industries during the second quarter valued at $25,000. Rothschild Investment LLC bought a new position in shares of PPG Industries during the second quarter valued at approximately $37,000. LRI Investments LLC boosted its position in PPG Industries by 463.8% during the 2nd quarter. LRI Investments LLC now owns 389 shares of the specialty chemicals company’s stock valued at $49,000 after acquiring an additional 320 shares in the last quarter. Slocum Gordon & Co LLP lifted its position in PPG Industries by 51.7% during the second quarter. Slocum Gordon & Co LLP now owns 455 shares of the specialty chemicals company’s stock valued at $57,000 after acquiring an additional 155 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. grew its stake in PPG Industries by 103.6% during the 1st quarter. DiNuzzo Private Wealth Inc. now owns 399 shares of the specialty chemicals company’s stock worth $58,000 after buying an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Down 0.1 %

PPG opened at $124.41 on Monday. The company has a market cap of $28.86 billion, a PE ratio of 19.72, a price-to-earnings-growth ratio of 1.90 and a beta of 1.26. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16. The company has a 50-day moving average price of $127.99 and a 200 day moving average price of $128.23. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last released its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing the consensus estimate of $2.15 by ($0.02). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter last year, the business earned $2.07 EPS. The business’s revenue was down 1.5% compared to the same quarter last year. Sell-side analysts expect that PPG Industries, Inc. will post 8.19 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm 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 $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, November 12th. PPG Industries’s dividend payout ratio is currently 43.11%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. KeyCorp cut their target price on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Mizuho reduced 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. UBS Group upped their target price on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price target (down from $160.00) on shares of PPG Industries in a research report on Monday, October 21st. Finally, Barclays lowered 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. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.93.

Insider Buying and Selling

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction dated 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 sale, the vice president now owns 13,454 shares in the company, valued at approximately $1,692,513.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.55% of the stock is currently owned by company insiders.

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.