PPG Industries, Inc. (NYSE:PPG) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,927 shares of the specialty chemicals company's stock after selling 3,001 shares during the period. Corebridge Financial Inc.'s holdings in PPG Industries were worth $6,561,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PPG. Vanguard Group Inc. boosted its position in PPG Industries by 2.6% in 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 during the last quarter. State Street Corp boosted its holdings in PPG Industries by 4.4% in the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company's stock valued at $1,552,100,000 after purchasing an additional 491,774 shares during the last quarter. Wellington Management Group LLP grew its stake in PPG Industries by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company's stock valued at $1,189,095,000 after purchasing an additional 485,597 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in PPG Industries by 138.9% during the 4th quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company's stock worth $381,876,000 after purchasing an additional 1,858,895 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of PPG Industries by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company's stock valued at $403,049,000 after purchasing an additional 170,339 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of brokerages recently issued reports on PPG. JPMorgan Chase & Co. lowered shares of PPG Industries from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $145.00 to $115.00 in a research note on Wednesday, February 12th. Barclays restated an "equal weight" rating on shares of PPG Industries in a research note on Monday, February 3rd. StockNews.com downgraded PPG Industries from a "buy" rating to a "hold" rating in a research note on Monday, February 3rd. Royal Bank of Canada cut their price objective on PPG Industries from $128.00 to $120.00 and set a "sector perform" rating on the stock in a research note on Tuesday, February 4th. Finally, KeyCorp downgraded PPG Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, December 16th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, PPG Industries currently has an average rating of "Hold" and a consensus target price of $138.15.

PPG Industries Stock Performance

Shares of PPG traded down $0.53 during midday trading on Wednesday, hitting $108.42. 1,442,438 shares of the stock traded hands, compared to its average volume of 2,187,781. The business's 50 day moving average price is $114.86 and its two-hundred day moving average price is $120.92. The firm has a market capitalization of $24.61 billion, a PE ratio of 22.93, 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 quick ratio of 1.13 and a current ratio of 1.58. PPG Industries, Inc. has a 1-year low of $105.64 and a 1-year high of $143.98.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. Equities research analysts predict that PPG Industries, Inc. will post 7.95 EPS 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 $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Friday, February 21st. PPG Industries's dividend payout ratio (DPR) is 57.51%.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of the 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 completion of the transaction, the chief executive officer now owns 35,833 shares of the company's stock, valued at approximately $4,240,835.55. This represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.33% of the stock is owned by insiders.

About PPG Industries

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.