PPG Industries, Inc. (NYSE:PPG) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its position in shares of PPG Industries, Inc. (NYSE:PPG) by 6.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,987,997 shares of the specialty chemicals company’s stock after selling 451,364 shares during the quarter. Massachusetts Financial Services Co. MA owned about 3.01% of PPG Industries worth $925,630,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PPG. Vest Financial LLC increased its holdings 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 valued at $42,516,000 after acquiring an additional 75,620 shares during the period. BDF Gestion acquired a new position in PPG Industries in the second quarter valued at $3,452,000. Equity Investment Corp raised its holdings in shares of PPG Industries by 7.0% in the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock valued at $86,006,000 after buying an additional 42,380 shares during the last quarter. Ritholtz Wealth Management acquired a new stake in shares of PPG Industries during the third quarter worth about $604,000. Finally, Swedbank AB boosted its stake in shares of 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 buying an additional 9,412 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Price Performance

Shares of NYSE:PPG opened at $121.29 on Thursday. The firm has a market capitalization of $28.14 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 1.85 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The business’s 50 day simple moving average is $127.14 and its 200-day simple moving average is $127.59. PPG Industries, Inc. has a 12 month low of $118.07 and a 12 month high of $151.16.

PPG Industries (NYSE:PPG) last posted its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 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 analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the firm posted $2.07 earnings per share. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities analysts forecast that PPG Industries, Inc. will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be issued 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 2.24%. PPG Industries’s dividend payout ratio (DPR) is currently 43.11%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, VP Anne M. Foulkes sold 1,985 shares of the business’s 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 transaction, the vice president now owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. The trade was a 12.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by company insiders.

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.