Merit Financial Group LLC Sells 1,187 Shares of PPG Industries, Inc. (NYSE:PPG)

Merit Financial Group LLC trimmed its holdings in PPG Industries, Inc. (NYSE:PPG) by 32.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,513 shares of the specialty chemicals company’s stock after selling 1,187 shares during the quarter. Merit Financial Group LLC’s holdings in PPG Industries were worth $376,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. OFI Invest Asset Management bought a new position in shares of PPG Industries in the third quarter worth approximately $25,000. Valued Wealth Advisors LLC bought a new position in shares of PPG Industries in the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. lifted its stake in shares of PPG Industries by 588.5% in the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 153 shares in the last quarter. CVA Family Office LLC bought a new position in shares of PPG Industries in the fourth quarter worth approximately $28,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in shares of PPG Industries in the fourth quarter worth approximately $29,000. Institutional investors own 81.86% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PPG. Citigroup dropped their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research note on Wednesday, April 10th. Bank of America decreased their price objective on shares of PPG Industries from $167.00 to $164.00 and set a “buy” rating for the company in a report on Monday, April 22nd. BMO Capital Markets decreased their price objective on shares of PPG Industries from $168.00 to $165.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. StockNews.com raised shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. Finally, Robert W. Baird reissued an “outperform” rating and set a $150.00 price objective on shares of PPG Industries in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, PPG Industries currently has an average rating of “Moderate Buy” and a consensus target price of $155.47.

Insider Activity

In other news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.56% of the company’s stock.

PPG Industries Stock Performance

Shares of NYSE PPG opened at $133.46 on Thursday. The stock has a market cap of $31.30 billion, a PE ratio of 22.54, a price-to-earnings-growth ratio of 1.65 and a beta of 1.30. PPG Industries, Inc. has a 1 year low of $120.32 and a 1 year high of $152.89. The firm has a fifty day moving average price of $137.84 and a 200-day moving average price of $139.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.08.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting the consensus estimate of $1.86. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm earned $1.82 EPS. Equities analysts anticipate that PPG Industries, Inc. will post 8.45 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be given a dividend of $0.65 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 1.95%. PPG Industries’s payout ratio is 43.92%.

PPG Industries declared that its board has authorized a stock buyback plan on Thursday, April 18th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 8.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

PPG Industries Company 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.