PNC Financial Services Group Inc. Sells 27,256 Shares of PPG Industries, Inc. (NYSE:PPG)

PNC Financial Services Group Inc. trimmed its position in PPG Industries, Inc. (NYSE:PPG) by 2.6% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,030,705 shares of the specialty chemicals company’s stock after selling 27,256 shares during the period. PNC Financial Services Group Inc. owned about 0.44% of PPG Industries worth $136,527,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Vest Financial LLC boosted its position in shares of PPG Industries by 28.9% in the 2nd quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company’s stock worth $42,516,000 after purchasing an additional 75,620 shares during the last quarter. BDF Gestion bought a new position in PPG Industries during the second quarter worth about $3,452,000. Ritholtz Wealth Management bought a new position in PPG Industries during the third quarter worth about $604,000. Equity Investment Corp lifted its holdings in PPG Industries by 7.0% during the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock worth $86,006,000 after acquiring an additional 42,380 shares in the last quarter. Finally, Swedbank AB lifted its holdings in PPG Industries by 6.3% during the second quarter. Swedbank AB now owns 158,761 shares of the specialty chemicals company’s stock worth $19,986,000 after acquiring an additional 9,412 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Trading Down 1.9 %

Shares of NYSE:PPG opened at $121.08 on Wednesday. PPG Industries, Inc. has a 12-month low of $118.07 and a 12-month high of $151.16. The stock has a market cap of $28.09 billion, a PE ratio of 19.19, a P/E/G ratio of 1.87 and a beta of 1.26. The business has a 50 day moving average of $127.22 and a 200-day moving average of $127.64. 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 issued its quarterly earnings data 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 return on equity of 23.63% and a net margin of 8.24%. The firm had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the firm earned $2.07 EPS. The company’s revenue was down 1.5% on a year-over-year basis. As a group, equities research analysts forecast that PPG Industries, Inc. will post 8.18 earnings per share for the current year.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s dividend payout ratio is presently 43.11%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Mizuho reduced their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. JPMorgan Chase & Co. reduced 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. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 target price (down from $160.00) on shares of PPG Industries in a report on Monday, October 21st. StockNews.com raised PPG Industries from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Royal Bank of Canada dropped their price target on 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. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $149.93.

Insider Transactions at PPG Industries

In related news, VP Anne M. Foulkes sold 1,985 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was 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 directly owns 13,454 shares in the company, valued at approximately $1,692,513.20. The trade was a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.56% of the company’s stock.

About PPG Industries

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.