Kestra Private Wealth Services LLC Trims Stake in PPG Industries, Inc. (NYSE:PPG)

Kestra Private Wealth Services LLC reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPGGet Rating) by 20.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,241 shares of the specialty chemicals company’s stock after selling 2,079 shares during the period. Kestra Private Wealth Services LLC’s holdings in PPG Industries were worth $1,080,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of PPG Industries by 61.7% in the first quarter. Wellington Management Group LLP now owns 13,393,191 shares of the specialty chemicals company’s stock worth $1,755,445,000 after purchasing an additional 5,109,132 shares during the period. Norges Bank bought a new position in shares of PPG Industries in the fourth quarter worth approximately $275,588,000. First Trust Advisors LP boosted its position in shares of PPG Industries by 280.6% in the first quarter. First Trust Advisors LP now owns 1,734,894 shares of the specialty chemicals company’s stock worth $227,393,000 after purchasing an additional 1,279,104 shares during the period. BlackRock Inc. boosted its position in shares of PPG Industries by 3.4% in the fourth quarter. BlackRock Inc. now owns 21,452,009 shares of the specialty chemicals company’s stock worth $3,699,182,000 after purchasing an additional 698,561 shares during the period. Finally, State Street Corp boosted its position in shares of PPG Industries by 3.0% in the fourth quarter. State Street Corp now owns 11,498,215 shares of the specialty chemicals company’s stock worth $1,982,752,000 after purchasing an additional 338,189 shares during the period. 80.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PPG has been the subject of a number of recent analyst reports. Credit Suisse Group dropped their price target on shares of PPG Industries to $110.00 in a research report on Friday, July 22nd. Mizuho upped their target price on shares of PPG Industries from $162.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, July 25th. Wells Fargo & Company dropped their target price on shares of PPG Industries from $135.00 to $130.00 and set an “equal weight” rating for the company in a research report on Friday. Vertical Research upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and set a $139.00 target price for the company in a research report on Monday, June 27th. Finally, TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b” rating in a research report on Monday, September 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, PPG Industries has a consensus rating of “Hold” and an average price target of $155.41.

PPG Industries Trading Down 2.5 %

Shares of PPG opened at $117.48 on Friday. PPG Industries, Inc. has a twelve month low of $107.06 and a twelve month high of $177.32. The company has a market cap of $27.61 billion, a P/E ratio of 25.76, a P/E/G ratio of 2.47 and a beta of 1.16. The company has a current ratio of 1.50, a quick ratio of 1.02 and a debt-to-equity ratio of 1.08. The company’s fifty day simple moving average is $126.18 and its 200-day simple moving average is $125.37.

PPG Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were paid a $0.62 dividend. The ex-dividend date was Tuesday, August 9th. This represents a $2.48 annualized dividend and a dividend yield of 2.11%. This is an increase from PPG Industries’s previous quarterly dividend of $0.59. PPG Industries’s dividend payout ratio is currently 54.39%.

PPG Industries Company Profile

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PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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