Cullen Frost Bankers Inc. trimmed its holdings in PPG Industries, Inc. (NYSE:PPG) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,078 shares of the specialty chemicals company’s stock after selling 577 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in PPG Industries were worth $6,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of PPG. FMR LLC increased its stake in shares of PPG Industries by 27.8% in the 1st quarter. FMR LLC now owns 169,739 shares of the specialty chemicals company’s stock worth $19,158,000 after acquiring an additional 36,888 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in PPG Industries during the 2nd quarter valued at about $2,450,000. Retirement Systems of Alabama grew its position in PPG Industries by 155.0% during the 2nd quarter. Retirement Systems of Alabama now owns 280,106 shares of the specialty chemicals company’s stock valued at $32,691,000 after purchasing an additional 170,261 shares during the last quarter. First National Bank of Omaha purchased a new stake in PPG Industries during the 2nd quarter valued at about $201,000. Finally, PFS Investments Inc. purchased a new stake in PPG Industries during the 2nd quarter valued at about $532,000. Institutional investors own 77.25% of the company’s stock.
In other news, CEO Michael H. Mcgarry sold 11,916 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $125.00, for a total value of $1,489,500.00. Following the transaction, the chief executive officer now owns 131,350 shares in the company, valued at approximately $16,418,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael H. Mcgarry sold 12,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $120.00, for a total transaction of $1,440,000.00. Following the completion of the transaction, the chief executive officer now owns 131,434 shares in the company, valued at approximately $15,772,080. The disclosure for this sale can be found here. 0.37% of the stock is owned by corporate insiders.
Shares of NYSE PPG traded down $0.28 during trading on Thursday, reaching $129.49. 14,289 shares of the company traded hands, compared to its average volume of 1,410,352. The firm has a 50 day simple moving average of $120.65 and a 200-day simple moving average of $115.77. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $30.29 billion, a PE ratio of 21.88, a P/E/G ratio of 2.20 and a beta of 1.24. PPG Industries, Inc. has a 52-week low of $94.41 and a 52-week high of $130.03.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, October 17th. The specialty chemicals company reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.06. PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. The firm had revenue of $3.83 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same quarter in the prior year, the business earned $1.45 EPS. The business’s quarterly revenue was up .2% on a year-over-year basis. As a group, research analysts predict that PPG Industries, Inc. will post 6.25 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Friday, November 8th. PPG Industries’s dividend payout ratio (DPR) is presently 34.46%.
Several analysts recently commented on PPG shares. JPMorgan Chase & Co. raised shares of PPG Industries from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $108.00 to $120.00 in a research report on Friday, October 18th. ValuEngine downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Royal Bank of Canada set a $132.00 price objective on shares of PPG Industries and gave the company a “buy” rating in a research report on Friday, October 18th. Morgan Stanley reissued an “equal weight” rating and set a $130.00 price objective on shares of PPG Industries in a research report on Friday, November 1st. Finally, Wells Fargo & Co started coverage on shares of PPG Industries in a research report on Tuesday, October 15th. They set an “outperform” rating and a $140.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. PPG Industries has a consensus rating of “Hold” and an average target price of $128.44.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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