Cullen Frost Bankers Inc. Reduces Stake in PPG Industries, Inc. $PPG

Cullen Frost Bankers Inc. lowered its stake in PPG Industries, Inc. (NYSE:PPG) by 28.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,052 shares of the specialty chemicals company’s stock after selling 10,208 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in PPG Industries were worth $2,738,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in shares of PPG Industries by 9.1% in the fourth quarter. Brighton Jones LLC now owns 4,075 shares of the specialty chemicals company’s stock valued at $487,000 after acquiring an additional 339 shares during the period. Integrated Wealth Concepts LLC increased its holdings in PPG Industries by 31.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,849 shares of the specialty chemicals company’s stock worth $421,000 after acquiring an additional 920 shares during the period. Empowered Funds LLC lifted its stake in PPG Industries by 6.1% in the 1st quarter. Empowered Funds LLC now owns 26,354 shares of the specialty chemicals company’s stock worth $2,882,000 after purchasing an additional 1,526 shares in the last quarter. Woodline Partners LP boosted its holdings in PPG Industries by 40.7% in the 1st quarter. Woodline Partners LP now owns 19,600 shares of the specialty chemicals company’s stock valued at $2,143,000 after purchasing an additional 5,667 shares during the period. Finally, Perigon Wealth Management LLC boosted its holdings in PPG Industries by 11.2% in the 2nd quarter. Perigon Wealth Management LLC now owns 2,054 shares of the specialty chemicals company’s stock valued at $234,000 after purchasing an additional 207 shares during the period. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Price Performance

Shares of PPG Industries stock opened at $112.65 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.08 and a current ratio of 1.47. PPG Industries, Inc. has a 52-week low of $90.24 and a 52-week high of $124.66. The company has a fifty day moving average of $103.68 and a 200-day moving average of $105.50. The stock has a market capitalization of $25.28 billion, a price-to-earnings ratio of 25.54, a price-to-earnings-growth ratio of 3.32 and a beta of 1.17.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Tuesday, October 28th. The specialty chemicals company reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.04. PPG Industries had a net margin of 6.35% and a return on equity of 23.61%. The business had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same period in the previous year, the firm posted $2.13 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts expect that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Friday, February 20th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, February 20th. This represents a $2.84 annualized dividend and a yield of 2.5%. PPG Industries’s dividend payout ratio is currently 64.40%.

Insider Buying and Selling

In other PPG Industries news, CFO Vincent J. Morales sold 5,200 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $110.00, for a total value of $572,000.00. Following the completion of the sale, the chief financial officer owned 28,439 shares in the company, valued at approximately $3,128,290. The trade was a 15.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PPG has been the topic of several research analyst reports. Sanford C. Bernstein decreased their price target on shares of PPG Industries from $129.00 to $123.00 and set an “outperform” rating on the stock in a report on Monday, November 24th. Bank of America reduced their target price on PPG Industries from $118.00 to $116.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Mizuho lowered their price target on PPG Industries from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Friday, October 3rd. UBS Group dropped their price target on PPG Industries from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, October 30th. Finally, Zacks Research lowered PPG Industries from a “hold” rating to a “strong sell” rating in a report on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $120.86.

About PPG Industries

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.