Cary Street Partners Investment Advisory LLC Has $521,000 Holdings in PPG Industries, Inc. (NYSE:PPG)

Cary Street Partners Investment Advisory LLC cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 75.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,485 shares of the specialty chemicals company’s stock after selling 10,844 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in PPG Industries were worth $521,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PPG. OFI Invest Asset Management acquired a new stake in shares of PPG Industries during the third quarter worth $25,000. Valued Wealth Advisors LLC acquired a new stake in shares of PPG Industries during the fourth quarter worth $26,000. SJS Investment Consulting Inc. increased its position in shares of PPG Industries by 588.5% during the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 153 shares during the period. CVA Family Office LLC acquired a new stake in shares of PPG Industries during the fourth quarter worth $28,000. Finally, Financial Connections Group Inc. bought a new position in PPG Industries during the fourth quarter worth $30,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the sale, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.56% of the stock is currently owned by corporate insiders.

PPG Industries Stock Performance

Shares of PPG stock opened at $129.00 on Wednesday. The firm has a 50-day moving average of $138.84 and a 200-day moving average of $138.97. The company has a market cap of $30.25 billion, a P/E ratio of 21.79, a P/E/G ratio of 1.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08. PPG Industries, Inc. has a one year low of $120.32 and a one year high of $152.89.

PPG Industries (NYSE:PPG) last announced its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.82 earnings per share. Equities research analysts forecast that PPG Industries, Inc. will post 8.45 EPS for the current fiscal year.

PPG Industries announced that its board has initiated a share repurchase program on Thursday, April 18th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

PPG Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be issued a $0.65 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 2.02%. PPG Industries’s dividend payout ratio is currently 43.92%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PPG. KeyCorp cut their target price on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday, April 22nd. Seaport Res Ptn raised shares of PPG Industries from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd. UBS Group cut their target price on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Barclays cut their target price on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. Finally, Wolfe Research started coverage on shares of PPG Industries in a research note on Friday, March 1st. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $155.47.

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.