PPG Industries, Inc. (NYSE:PPG) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 15.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,451 shares of the specialty chemicals company’s stock after selling 823 shares during the period. OLD National Bancorp IN’s holdings in PPG Industries were worth $666,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PPG. OFI Invest Asset Management acquired a new position in PPG Industries during the 3rd quarter valued at about $25,000. Valued Wealth Advisors LLC acquired a new stake in shares of PPG Industries in the 4th quarter worth approximately $26,000. SJS Investment Consulting Inc. lifted its stake in shares of PPG Industries by 588.5% in the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 153 shares during the period. CVA Family Office LLC acquired a new stake in shares of PPG Industries in the 4th quarter worth approximately $28,000. Finally, Financial Connections Group Inc. acquired a new stake in shares of PPG Industries in the 4th quarter worth approximately $30,000. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Stock Performance

PPG stock opened at $130.52 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $30.61 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 1.62 and a beta of 1.28. PPG Industries, Inc. has a 12 month low of $120.32 and a 12 month high of $152.89. The firm has a 50 day moving average of $139.81 and a two-hundred day moving average of $138.91.

PPG Industries (NYSE:PPG) last posted its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.82 earnings per share. As a group, equities analysts anticipate that PPG Industries, Inc. will post 8.45 EPS for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s dividend payout ratio is 43.92%.

PPG Industries announced that its board has initiated a stock buyback program on Thursday, April 18th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

PPG has been the topic of a number of research reports. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. StockNews.com lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday. Vertical Research upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Royal Bank of Canada cut their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a report on Monday. Finally, Seaport Res Ptn upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $155.47.

Insiders Place Their Bets

In related news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the sale, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.55% of the company’s stock.

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.