Korea Investment CORP Sells 88,033 Shares of PPG Industries, Inc. (NYSE:PPG)

Korea Investment CORP trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 31.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 196,088 shares of the specialty chemicals company's stock after selling 88,033 shares during the period. Korea Investment CORP owned about 0.08% of PPG Industries worth $23,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in PPG Industries by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company's stock valued at $3,508,210,000 after purchasing an additional 756,937 shares during the period. State Street Corp grew its stake in shares of PPG Industries by 4.4% during the 3rd quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company's stock worth $1,552,100,000 after acquiring an additional 491,774 shares during the period. Wellington Management Group LLP increased its holdings in PPG Industries by 5.7% in the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company's stock worth $1,189,095,000 after acquiring an additional 485,597 shares during the last quarter. First Eagle Investment Management LLC raised its stake in PPG Industries by 138.9% in the 4th quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company's stock valued at $381,876,000 after acquiring an additional 1,858,895 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in PPG Industries by 5.7% during the third 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 during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

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PPG Industries Price Performance

NYSE:PPG traded down $5.57 during midday trading on Thursday, hitting $104.54. The company had a trading volume of 435,320 shares, compared to its average volume of 2,201,365. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The stock's fifty day moving average price is $114.61 and its 200-day moving average price is $120.85. PPG Industries, Inc. has a 52-week low of $104.40 and a 52-week high of $143.98. The company has a market capitalization of $23.73 billion, a PE ratio of 22.10, a P/E/G ratio of 2.19 and a beta of 1.22.

PPG Industries (NYSE:PPG - Get Free Report) last released its earnings results 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%. As a group, research analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st were issued a $0.68 dividend. The ex-dividend date was Friday, February 21st. This represents a $2.72 annualized dividend and a dividend yield of 2.60%. PPG Industries's dividend payout ratio is currently 57.51%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Mizuho lowered their price target on shares of PPG Industries from $150.00 to $140.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. Deutsche Bank Aktiengesellschaft dropped their target price on PPG Industries from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. KeyCorp cut PPG Industries from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 16th. StockNews.com cut PPG Industries from a "buy" rating to a "hold" rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada reduced their target price on PPG Industries from $128.00 to $120.00 and set a "sector perform" rating for the company in a report on Tuesday, February 4th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $137.77.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of the firm'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 value of $568,080.00. Following the transaction, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,240,835.55. This trade represents a 11.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is currently owned by company 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.