Pinebridge Investments L.P. Decreases Holdings in PPG Industries, Inc. (NYSE:PPG)

Pinebridge Investments L.P. lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 290,791 shares of the specialty chemicals company's stock after selling 30,289 shares during the period. Pinebridge Investments L.P. owned about 0.13% of PPG Industries worth $34,735,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PPG. Altrinsic Global Advisors LLC increased its stake in PPG Industries by 0.6% during the 4th quarter. Altrinsic Global Advisors LLC now owns 101,871 shares of the specialty chemicals company's stock worth $12,168,000 after buying an additional 628 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of PPG Industries by 815.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,031,164 shares of the specialty chemicals company's stock worth $362,074,000 after purchasing an additional 2,700,018 shares in the last quarter. Dark Forest Capital Management LP raised its stake in PPG Industries by 24.5% in the 4th quarter. Dark Forest Capital Management LP now owns 3,497 shares of the specialty chemicals company's stock valued at $418,000 after purchasing an additional 688 shares during the last quarter. Quantessence Capital LLC purchased a new position in PPG Industries in the 4th quarter valued at $335,000. Finally, State of Tennessee Department of Treasury boosted its stake in PPG Industries by 19.6% during the 4th quarter. State of Tennessee Department of Treasury now owns 92,546 shares of the specialty chemicals company's stock worth $11,055,000 after purchasing an additional 15,187 shares during the last quarter. Institutional investors and hedge funds own 81.86% of the company's stock.

Analyst Upgrades and Downgrades

PPG has been the subject of a number of recent research reports. Barclays reiterated an "equal weight" rating on shares of PPG Industries in a research report on Monday, February 3rd. Citigroup lowered their target price on PPG Industries from $135.00 to $113.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Mizuho cut their price target on PPG Industries from $150.00 to $140.00 and set an "outperform" rating for the company in a report on Monday, February 3rd. Bank of America reissued a "neutral" rating and set a $126.00 price objective (down previously from $143.00) on shares of PPG Industries in a research note on Tuesday, April 15th. Finally, Wells Fargo & Company reduced their price target on PPG Industries from $130.00 to $115.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $130.67.

PPG Industries Stock Performance

Shares of PPG stock opened at $101.77 on Wednesday. PPG Industries, Inc. has a one year low of $90.24 and a one year high of $137.24. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58. The firm's 50 day moving average price is $108.74 and its 200-day moving average price is $117.57. The firm has a market cap of $23.10 billion, a P/E ratio of 21.52, a P/E/G ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. As a group, equities research analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Monday, May 12th will be paid a dividend of $0.68 per share. The ex-dividend date of this dividend is Monday, May 12th. This represents a $2.72 dividend on an annualized basis and a yield of 2.67%. PPG Industries's dividend payout ratio (DPR) is presently 57.51%.

Insider Transactions at PPG Industries

In related news, CEO Timothy M. Knavish sold 4,800 shares of the company's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the sale, the chief executive officer now directly owns 35,833 shares of the company's stock, valued at $4,240,835.55. This represents a 11.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company's stock.

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.

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