M&T Bank Corp Lowers Stake in PPG Industries, Inc. (NYSE:PPG)

M&T Bank Corp decreased its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 19.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,947 shares of the specialty chemicals company's stock after selling 10,333 shares during the quarter. M&T Bank Corp's holdings in PPG Industries were worth $5,822,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vest Financial LLC raised its stake in PPG Industries by 28.9% in the second quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company's stock worth $42,516,000 after buying an additional 75,620 shares in the last quarter. Equity Investment Corp raised its position in shares of PPG Industries by 7.0% in the 3rd quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company's stock worth $86,006,000 after acquiring an additional 42,380 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in shares of PPG Industries during the 3rd quarter worth $604,000. Swedbank AB boosted its position in PPG Industries by 6.3% during the second quarter. Swedbank AB now owns 158,761 shares of the specialty chemicals company's stock valued at $19,986,000 after purchasing an additional 9,412 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in PPG Industries by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company's stock valued at $340,654,000 after purchasing an additional 15,161 shares during the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

PPG Industries Stock Performance

Shares of PPG Industries stock traded up $0.17 on Friday, reaching $124.20. 2,277,557 shares of the stock were exchanged, compared to its average volume of 1,611,426. The business has a 50 day moving average price of $125.74 and a two-hundred day moving average price of $126.60. The firm has a market capitalization of $28.81 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 1.88 and a beta of 1.24. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.15 by ($0.02). The business had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business's revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.07 earnings per share. Analysts anticipate that PPG Industries, Inc. will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Tuesday, November 12th. PPG Industries's dividend payout ratio is currently 43.11%.

Insider Buying and Selling at PPG Industries

In related news, VP Anne M. Foulkes sold 1,985 shares of the firm's stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the sale, the vice president now directly owns 13,454 shares of the company's stock, valued at $1,692,513.20. This trade represents a 12.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.55% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on PPG shares. Mizuho decreased their price target on shares of PPG Industries from $160.00 to $150.00 and set an "outperform" rating for the company in a research report on Thursday, October 17th. JPMorgan Chase & Co. decreased their target price on shares of PPG Industries from $155.00 to $145.00 and set an "overweight" rating for the company in a research report on Friday, October 18th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $155.00 price target (down from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Royal Bank of Canada reduced their price target on PPG Industries from $138.00 to $136.00 and set a "sector perform" rating on the stock in a research report on Tuesday, October 22nd. Finally, StockNews.com raised PPG Industries from a "buy" rating to a "strong-buy" rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, PPG Industries presently has an average rating of "Moderate Buy" and a consensus target price of $149.93.

PPG Industries 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.