Summit Financial LLC Has $855,000 Position in PPG Industries, Inc. (NYSE:PPG)

Summit Financial LLC lifted its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 47.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,156 shares of the specialty chemicals company's stock after buying an additional 2,290 shares during the quarter. Summit Financial LLC's holdings in PPG Industries were worth $855,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PPG. Legend Financial Advisors Inc. bought a new stake in PPG Industries in the fourth quarter worth approximately $27,000. Prudent Man Investment Management Inc. acquired a new position in PPG Industries during the fourth quarter worth $36,000. Albion Financial Group UT bought a new position in PPG Industries during the fourth quarter valued at about $38,000. Crews Bank & Trust acquired a new stake in shares of PPG Industries in the fourth quarter worth about $42,000. Finally, Sugar Maple Asset Management LLC bought a new stake in shares of PPG Industries during the 4th quarter worth about $44,000. Institutional investors and hedge funds own 81.86% of the company's stock.

Insider Transactions at PPG Industries

In related news, CEO Timothy M. Knavish sold 4,800 shares of the 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 sale, the chief executive officer now directly owns 35,833 shares in the company, valued at $4,240,835.55. This trade represents a 11.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.33% of the stock is owned by corporate insiders.

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Analyst Upgrades and Downgrades

PPG has been the topic of a number of recent analyst reports. UBS Group cut their price objective on PPG Industries from $128.00 to $126.00 and set a "neutral" rating on the stock in a research note on Friday, January 31st. JPMorgan Chase & Co. cut shares of PPG Industries from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $145.00 to $115.00 in a research note on Wednesday, February 12th. KeyCorp lowered shares of PPG Industries from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 16th. StockNews.com lowered shares of PPG Industries from a "buy" rating to a "hold" rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada decreased their price target on shares of 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, PPG Industries presently has an average rating of "Hold" and an average price target of $137.77.

PPG Industries Price Performance

Shares of PPG Industries stock traded down $2.58 during trading on Monday, reaching $96.57. The company's stock had a trading volume of 1,021,395 shares, compared to its average volume of 1,757,714. PPG Industries, Inc. has a one year low of $95.23 and a one year high of $142.30. The stock has a 50-day moving average price of $113.74 and a two-hundred day moving average price of $120.44. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $21.92 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG - Get Free Report) last released its 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%. As a group, sell-side analysts anticipate that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st were given a dividend of $0.68 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $2.72 dividend on an annualized basis and a yield of 2.82%. PPG Industries's payout ratio is presently 57.51%.

PPG Industries Company 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.