Commonwealth Financial Services LLC Sells 2,262 Shares of PPG Industries, Inc. (NYSE:PPG)

Commonwealth Financial Services LLC lessened its holdings in PPG Industries, Inc. (NYSE:PPG) by 13.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,828 shares of the specialty chemicals company’s stock after selling 2,262 shares during the quarter. Commonwealth Financial Services LLC’s holdings in PPG Industries were worth $1,939,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Financial Connections Group Inc. acquired a new stake in shares of PPG Industries in the 2nd quarter valued at approximately $25,000. Riverview Trust Co acquired a new stake in PPG Industries in the first quarter valued at $34,000. Rothschild Investment LLC bought a new position in shares of PPG Industries in the 2nd quarter valued at about $37,000. LRI Investments LLC increased its stake in shares of PPG Industries by 463.8% during the 2nd quarter. LRI Investments LLC now owns 389 shares of the specialty chemicals company’s stock worth $49,000 after purchasing an additional 320 shares during the last quarter. Finally, Slocum Gordon & Co LLP raised its holdings in shares of PPG Industries by 51.7% in the 2nd quarter. Slocum Gordon & Co LLP now owns 455 shares of the specialty chemicals company’s stock valued at $57,000 after purchasing an additional 155 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Price Performance

PPG stock traded down $0.14 during midday trading on Thursday, reaching $126.14. The company had a trading volume of 90,815 shares, compared to its average volume of 1,589,301. PPG Industries, Inc. has a 1-year low of $118.07 and a 1-year high of $151.16. The stock has a 50 day moving average price of $127.69 and a 200-day moving average price of $128.83. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.58 and a quick ratio of 1.05. The company has a market capitalization of $29.43 billion, a price-to-earnings ratio of 20.01, a price-to-earnings-growth ratio of 1.93 and a beta of 1.26.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The firm had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.66 billion. PPG Industries had a return on equity of 23.58% and a net margin of 8.24%. The business’s revenue was down 1.5% on a year-over-year basis. During the same period last year, the company posted $2.07 EPS. Equities research analysts expect that PPG Industries, Inc. will post 8.19 earnings per share for the current year.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 annualized dividend and a dividend yield of 2.16%. PPG Industries’s payout ratio is 43.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. BMO Capital Markets reissued an “outperform” rating and set a $155.00 price target (down previously from $160.00) on shares of PPG Industries in a research report on Monday. Royal Bank of Canada dropped their price target on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a research note on Tuesday. UBS Group upped their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Mizuho cut their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Finally, Bank of America decreased their price target on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $149.93.

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.