7,280 Shares in PPG Industries, Inc. (NYSE:PPG) Acquired by Allstate Corp

Allstate Corp bought a new stake in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,280 shares of the specialty chemicals company's stock, valued at approximately $870,000.

Other institutional investors have also added to or reduced their stakes in the company. PUREfi Wealth LLC purchased a new stake in shares of PPG Industries in the 4th quarter worth $279,000. PFW Advisors LLC purchased a new stake in PPG Industries in the fourth quarter worth about $868,000. JGP Wealth Management LLC bought a new position in shares of PPG Industries in the fourth quarter worth about $4,050,000. Vanguard Group Inc. lifted its position in shares of PPG Industries by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company's stock valued at $3,508,210,000 after buying an additional 756,937 shares in the last quarter. Finally, Avanza Fonder AB bought a new position in shares of PPG Industries during the 4th quarter valued at approximately $2,944,000. 81.86% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction on Friday, February 14th. The stock was sold at an average price of $118.35, for a total value of $568,080.00. Following the transaction, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,240,835.55. This trade represents a 11.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by insiders.

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PPG Industries Stock Down 5.5 %

Shares of PPG stock traded down $6.09 during mid-day trading on Thursday, hitting $104.02. The stock had a trading volume of 2,229,928 shares, compared to its average volume of 1,744,995. The firm has a market capitalization of $23.61 billion, a P/E ratio of 21.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. PPG Industries, Inc. has a 12-month low of $103.93 and a 12-month high of $143.98. The firm's 50-day moving average is $114.61 and its two-hundred day moving average is $120.85.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share for the quarter, missing analysts' consensus estimates of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. On average, analysts predict that PPG Industries, Inc. will post 7.95 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 21st were issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, February 21st. PPG Industries's payout ratio is 57.51%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. KeyCorp cut shares of PPG Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 16th. JPMorgan Chase & Co. lowered PPG Industries from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $145.00 to $115.00 in a research note on Wednesday, February 12th. The Goldman Sachs Group decreased their target price on PPG Industries from $153.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, February 6th. Seaport Res Ptn cut PPG Industries from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 5th. Finally, Barclays reaffirmed an "equal weight" rating on shares of PPG Industries in a report on Monday, February 3rd. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $137.77.

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.