PPG Industries, Inc. $PPG Shares Sold by SBK Financial Inc.

SBK Financial Inc. cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 66.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,594 shares of the specialty chemicals company’s stock after selling 5,100 shares during the quarter. SBK Financial Inc.’s holdings in PPG Industries were worth $271,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PPG. Kestra Advisory Services LLC acquired a new position in shares of PPG Industries in the 3rd quarter valued at about $492,000. StrongBox Wealth LLC bought a new stake in shares of PPG Industries during the 3rd quarter valued at about $624,000. Chicago Partners Investment Group LLC raised its stake in PPG Industries by 142.1% during the third quarter. Chicago Partners Investment Group LLC now owns 15,612 shares of the specialty chemicals company’s stock worth $1,727,000 after acquiring an additional 9,163 shares during the period. Sound Financial Strategies Group LLC acquired a new stake in PPG Industries during the third quarter worth about $330,000. Finally, Rakuten Investment Management Inc. raised its stake in PPG Industries by 9.4% during the third quarter. Rakuten Investment Management Inc. now owns 39,939 shares of the specialty chemicals company’s stock worth $4,234,000 after acquiring an additional 3,430 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Stock Down 3.0%

PPG stock opened at $123.42 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.71. PPG Industries, Inc. has a fifty-two week low of $93.39 and a fifty-two week high of $133.43. The firm’s 50-day simple moving average is $109.61 and its 200 day simple moving average is $112.78. The stock has a market cap of $27.26 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.13. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.28 billion. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. PPG Industries’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the firm posted $2.13 EPS. As a group, sell-side analysts predict that PPG Industries, Inc. will post 7.98 EPS for the current year.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be paid a $0.74 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $2.96 annualized dividend and a dividend yield of 2.4%. PPG Industries’s dividend payout ratio (DPR) is presently 42.29%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PPG. JPMorgan Chase & Co. lifted their target price on PPG Industries from $125.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Barclays increased their price target on PPG Industries from $136.00 to $137.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Wall Street Zen downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Citigroup boosted their price objective on PPG Industries from $118.00 to $130.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Finally, Wells Fargo & Company upped their price objective on PPG Industries from $130.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.29.

Insider Activity at PPG Industries

In other news, VP Chancey Hagerty sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $127.14, for a total transaction of $317,850.00. Following the completion of the transaction, the vice president directly owned 9,761 shares in the company, valued at approximately $1,241,013.54. The trade was a 20.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.

PPG Industries Profile

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.