Penobscot Investment Management Company Inc. Has $251,000 Holdings in PPG Industries, Inc. (NYSE:PPG)

Penobscot Investment Management Company Inc. lowered its stake in PPG Industries, Inc. (NYSE:PPG) by 48.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,100 shares of the specialty chemicals company’s stock after selling 1,992 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in PPG Industries were worth $251,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PPG. Cerity Partners LLC boosted its position in PPG Industries by 11.1% in the third quarter. Cerity Partners LLC now owns 47,279 shares of the specialty chemicals company’s stock valued at $6,263,000 after buying an additional 4,705 shares in the last quarter. Kingsview Wealth Management LLC lifted its stake in shares of PPG Industries by 1.3% in the 3rd quarter. Kingsview Wealth Management LLC now owns 8,185 shares of the specialty chemicals company’s stock valued at $1,084,000 after acquiring an additional 107 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of PPG Industries by 30.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 37,292 shares of the specialty chemicals company’s stock valued at $4,940,000 after acquiring an additional 8,670 shares in the last quarter. Independent Advisor Alliance grew its position in PPG Industries by 4.5% during the 3rd quarter. Independent Advisor Alliance now owns 9,702 shares of the specialty chemicals company’s stock worth $1,285,000 after acquiring an additional 417 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in PPG Industries by 13.5% in the 3rd quarter. Bank of Montreal Can now owns 346,860 shares of the specialty chemicals company’s stock worth $46,673,000 after purchasing an additional 41,167 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PPG. Citigroup reduced their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Seaport Res Ptn lowered shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 5th. Barclays reaffirmed an “equal weight” rating on shares of PPG Industries in a research note on Monday, February 3rd. UBS Group reduced their price objective on shares of PPG Industries from $128.00 to $126.00 and set a “neutral” rating on the stock in a research note on Friday, January 31st. Finally, Argus lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, March 10th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $138.15.

PPG Industries Stock Up 0.1 %

Shares of NYSE:PPG opened at $111.88 on Thursday. PPG Industries, Inc. has a 1 year low of $108.25 and a 1 year high of $145.61. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The business’s 50-day moving average is $115.85 and its 200-day moving average is $121.45. The company has a market capitalization of $25.39 billion, a price-to-earnings ratio of 23.65, a P/E/G ratio of 2.19 and a beta of 1.22.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (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%. Equities research analysts predict that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st were issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date was Friday, February 21st. PPG Industries’s payout ratio is 57.51%.

Insider Activity

In other news, CEO Timothy M. Knavish sold 4,800 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $118.35, for a total value 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 $4,240,835.55. This trade represents a 11.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.33% 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.