Huntington National Bank Cuts Position in PPG Industries, Inc. (NYSE:PPG)

Huntington National Bank reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 1.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 28,107 shares of the specialty chemicals company’s stock after selling 496 shares during the period. Huntington National Bank’s holdings in PPG Industries were worth $3,723,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Oppenheimer & Co. Inc. boosted its holdings in PPG Industries by 24.5% during the third quarter. Oppenheimer & Co. Inc. now owns 33,953 shares of the specialty chemicals company’s stock worth $4,497,000 after buying an additional 6,675 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of PPG Industries by 13.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 85,562 shares of the specialty chemicals company’s stock worth $11,334,000 after acquiring an additional 9,988 shares during the period. Victory Capital Management Inc. increased its stake in PPG Industries by 13.9% in the 3rd quarter. Victory Capital Management Inc. now owns 457,197 shares of the specialty chemicals company’s stock valued at $60,560,000 after purchasing an additional 55,808 shares in the last quarter. Aptus Capital Advisors LLC acquired a new position in PPG Industries during the third quarter worth $326,000. Finally, Aigen Investment Management LP purchased a new stake in PPG Industries during the third quarter worth $211,000. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Price Performance

PPG opened at $123.52 on Friday. PPG Industries, Inc. has a 1 year low of $118.07 and a 1 year high of $151.16. The company’s 50 day simple moving average is $127.45 and its 200 day simple moving average is $127.90. The stock has a market capitalization of $28.66 billion, a PE ratio of 19.58, a P/E/G ratio of 1.89 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The company had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.07 EPS. As a group, sell-side analysts expect that PPG Industries, Inc. will post 8.18 EPS for the current year.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.68 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 annualized dividend and a yield of 2.20%. PPG Industries’s dividend payout ratio is presently 43.11%.

Insider Transactions at PPG Industries

In other news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction 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 sale, the vice president now owns 13,454 shares of the company’s stock, valued at $1,692,513.20. This represents a 12.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

PPG has been the subject of a number of research analyst reports. Barclays dropped their price target on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, July 22nd. Citigroup cut their target price on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Mizuho lowered their price target on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. JPMorgan Chase & Co. cut their price objective on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 target price (down previously from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $149.93.

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.