Rhumbline Advisers Reduces Holdings in PPG Industries, Inc. (NYSE:PPG)

Rhumbline Advisers cut its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 1.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 403,028 shares of the specialty chemicals company's stock after selling 4,381 shares during the quarter. Rhumbline Advisers owned 0.17% of PPG Industries worth $48,142,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. PUREfi Wealth LLC purchased a new stake in PPG Industries during the fourth quarter worth about $279,000. PFW Advisors LLC acquired a new position in shares of PPG Industries in the fourth quarter valued at approximately $868,000. Equity Investment Corp increased its stake in PPG Industries by 7.0% during the 3rd quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company's stock worth $86,006,000 after buying an additional 42,380 shares during the period. JGP Wealth Management LLC purchased a new stake in PPG Industries during the 4th quarter worth approximately $4,050,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in PPG Industries by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company's stock worth $340,654,000 after buying an additional 15,161 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Barclays cut their price objective on PPG Industries from $144.00 to $125.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. JPMorgan Chase & Co. cut PPG Industries from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $145.00 to $115.00 in a research note on Wednesday, February 12th. Wells Fargo & Company reduced their price target on PPG Industries from $150.00 to $135.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. UBS Group lowered their price objective on PPG Industries from $128.00 to $126.00 and set a "neutral" rating for the company in a research report on Friday, January 31st. Finally, StockNews.com lowered shares of PPG Industries from a "buy" rating to a "hold" rating in a research note on Monday, February 3rd. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $138.15.

Insider Transactions at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries 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 completion of the sale, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,240,835.55. This trade represents a 11.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company's stock.

PPG Industries Stock Performance

NYSE:PPG traded down $3.02 during mid-day trading on Friday, reaching $114.88. The stock had a trading volume of 2,447,796 shares, compared to its average volume of 2,102,912. PPG Industries, Inc. has a twelve month low of $110.20 and a twelve month high of $145.60. The business has a 50 day simple moving average of $118.29 and a 200 day simple moving average of $123.22. The firm has a market capitalization of $26.65 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 2.17 and a beta of 1.23. 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 (NYSE:PPG - Get Free Report) last posted 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 net margin of 6.41% and a return on equity of 23.78%. On average, analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st will be given a dividend of $0.68 per share. The ex-dividend date is Friday, February 21st. This represents a $2.72 annualized dividend and a dividend yield of 2.37%. PPG Industries's payout ratio is currently 57.51%.

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.