PNC Financial Services Group Inc. Cuts Holdings in PPG Industries, Inc. (NYSE:PPG)

PNC Financial Services Group Inc. cut its stake in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 2.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,030,705 shares of the specialty chemicals company's stock after selling 27,256 shares during the period. PNC Financial Services Group Inc. owned about 0.44% of PPG Industries worth $136,527,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vest Financial LLC increased its stake in shares of PPG Industries by 28.9% in the second quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company's stock valued at $42,516,000 after buying an additional 75,620 shares during the period. BDF Gestion bought a new stake in shares of PPG Industries during the second quarter worth about $3,452,000. Equity Investment Corp lifted its holdings in shares of PPG Industries by 7.0% in the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company's stock valued at $86,006,000 after purchasing an additional 42,380 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in PPG Industries in the 3rd quarter valued at about $604,000. Finally, Swedbank AB grew its stake in PPG Industries by 6.3% in the 2nd 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 during the period. Institutional investors and hedge funds own 81.86% of the company's stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, VP Anne M. Foulkes sold 1,985 shares of PPG Industries stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the sale, the vice president now directly owns 13,454 shares in the company, valued at approximately $1,692,513.20. This trade represents a 12.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by insiders.

PPG Industries Price Performance

Shares of NYSE PPG traded up $0.21 during mid-day trading on Wednesday, reaching $121.29. The company's stock had a trading volume of 1,219,865 shares, compared to its average volume of 1,585,183. 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 52 week low of $118.07 and a 52 week high of $151.16. The stock has a fifty day moving average of $127.14 and a two-hundred day moving average of $127.59. The firm has a market capitalization of $28.14 billion, a PE ratio of 19.22, a P/E/G ratio of 1.87 and a beta of 1.26.

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

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Tuesday, November 12th. PPG Industries's dividend payout ratio (DPR) is 43.11%.

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.