Quantbot Technologies LP Sells 24,899 Shares of PPG Industries, Inc. (NYSE:PPG)

Quantbot Technologies LP lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 60.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,626 shares of the specialty chemicals company’s stock after selling 24,899 shares during the quarter. Quantbot Technologies LP’s holdings in PPG Industries were worth $2,202,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Prospector Partners LLC lifted its holdings in shares of PPG Industries by 6.1% in the 3rd quarter. Prospector Partners LLC now owns 144,651 shares of the specialty chemicals company’s stock worth $19,160,000 after purchasing an additional 8,269 shares in the last quarter. FMR LLC raised its holdings in PPG Industries by 68.3% during the third quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock worth $115,757,000 after buying an additional 354,740 shares during the last quarter. D.A. Davidson & CO. lifted its stake in shares of PPG Industries by 2.1% in the third quarter. D.A. Davidson & CO. now owns 71,868 shares of the specialty chemicals company’s stock valued at $9,520,000 after buying an additional 1,446 shares in the last quarter. West Tower Group LLC acquired a new position in shares of PPG Industries during the third quarter valued at about $278,000. Finally, Bank of Montreal Can increased its position in shares of PPG Industries by 13.5% during the third quarter. Bank of Montreal Can now owns 346,860 shares of the specialty chemicals company’s stock worth $46,673,000 after acquiring an additional 41,167 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. StockNews.com cut shares of PPG Industries from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Mizuho cut their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. BMO Capital Markets reiterated 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. Royal Bank of Canada cut their price target on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. cut their target price on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, PPG Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.93.

Insider Activity

In other news, VP Anne M. Foulkes sold 1,985 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $125.80, for a total transaction of $249,713.00. Following the sale, the vice president now directly owns 13,454 shares in the company, valued at approximately $1,692,513.20. This represents a 12.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.55% of the company’s stock.

PPG Industries Stock Performance

PPG Industries stock opened at $123.45 on Friday. The firm has a market capitalization of $28.64 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 1.92 and a beta of 1.26. PPG Industries, Inc. has a 1-year low of $118.07 and a 1-year high of $151.16. The firm’s 50 day simple moving average is $126.69 and its 200 day simple moving average is $127.20. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last issued its quarterly 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). The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. PPG Industries’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.07 earnings per share. As a group, analysts expect that PPG Industries, Inc. will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The company 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. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.20%. PPG Industries’s dividend payout ratio (DPR) is currently 43.11%.

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.