Bank of New York Mellon Corp Sells 18,380 Shares of PPG Industries, Inc. (NYSE:PPG)

Bank of New York Mellon Corp reduced its holdings in PPG Industries, Inc. (NYSE:PPG – Get Rating) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,167,569 shares of the specialty chemicals company’s stock after selling 18,380 shares during the quarter. Bank of New York Mellon Corp owned 0.92% of PPG Industries worth $239,929,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Weiss Asset Management LP bought a new position in shares of PPG Industries during the third quarter worth about $7,433,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of PPG Industries by 6.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 27,007 shares of the specialty chemicals company’s stock worth $2,989,000 after buying an additional 1,580 shares in the last quarter. Toroso Investments LLC grew its holdings in shares of PPG Industries by 5.0% during the third quarter. Toroso Investments LLC now owns 4,574 shares of the specialty chemicals company’s stock worth $506,000 after buying an additional 219 shares in the last quarter. CVA Family Office LLC grew its holdings in shares of PPG Industries by 312.5% during the third quarter. CVA Family Office LLC now owns 330 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 250 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of PPG Industries by 53.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 3,410 shares of the specialty chemicals company’s stock worth $378,000 after buying an additional 1,184 shares in the last quarter. 80.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Vertical Research downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, January 23rd. JPMorgan Chase & Co. raised their price target on PPG Industries from $116.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, January 23rd. Citigroup decreased their price target on PPG Industries from $139.00 to $138.00 in a research note on Sunday, January 22nd. Deutsche Bank Aktiengesellschaft raised their price target on PPG Industries from $128.00 to $145.00 in a research note on Monday, January 23rd. Finally, Credit Suisse Group raised their target price on shares of PPG Industries from $104.00 to $118.00 and gave the company an “underperform” rating in a research note on Friday, January 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, PPG Industries currently has an average rating of “Hold” and an average target price of $135.84.

Insider Activity

In related news, Chairman Michael H. Mcgarry sold 61,867 shares of the firm’s stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $129.96, for a total value of $8,040,235.32. Following the transaction, the chairman now owns 183,645 shares in the company, valued at $23,866,504.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Michael H. Mcgarry sold 61,867 shares of the firm’s stock in a transaction that occurred on Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total value of $8,040,235.32. Following the sale, the chairman now directly owns 183,645 shares in the company, valued at approximately $23,866,504.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Anne M. Foulkes sold 21,757 shares of the company’s stock in a transaction that occurred on Tuesday, January 24th. The stock was sold at an average price of $128.33, for a total transaction of $2,792,075.81. Following the transaction, the vice president now owns 10,577 shares of the company’s stock, valued at $1,357,346.41. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

PPG Industries Trading Up 0.9 %

Shares of PPG Industries stock opened at $126.55 on Friday. PPG Industries, Inc. has a 52-week low of $107.06 and a 52-week high of $138.10. The stock has a market cap of $29.78 billion, a PE ratio of 29.23, a PEG ratio of 2.80 and a beta of 1.17. The firm has a 50-day moving average of $129.80 and a 200-day moving average of $124.85. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.04 and a current ratio of 1.52.

PPG Industries (NYSE:PPG – Get Rating) last posted its quarterly earnings data on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.08. The firm had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $4.12 billion. PPG Industries had a net margin of 5.81% and a return on equity of 22.55%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.26 EPS. As a group, sell-side analysts forecast that PPG Industries, Inc. will post 6.52 EPS for the current year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Friday, February 17th were issued a $0.62 dividend. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $2.48 annualized dividend and a yield of 1.96%. PPG Industries’s dividend payout ratio is presently 57.27%.

PPG Industries Profile

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PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor.