Kelleher Financial Advisors Sells 4,602 Shares of PPG Industries, Inc. $PPG

Kelleher Financial Advisors reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 50.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,602 shares of the specialty chemicals company’s stock after selling 4,602 shares during the quarter. Kelleher Financial Advisors’ holdings in PPG Industries were worth $480,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PPG. BlackRock Inc. acquired a new stake in shares of PPG Industries in the second quarter valued at approximately $2,856,392,000. State Street Corp lifted its holdings in PPG Industries by 8.8% during the 2nd quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company’s stock worth $1,682,428,000 after buying an additional 1,124,109 shares in the last quarter. Pzena Investment Management LLC acquired a new position in PPG Industries during the 2nd quarter worth $946,964,000. Dimensional Fund Advisors LP lifted its holdings in PPG Industries by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company’s stock worth $312,613,000 after buying an additional 58,411 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in PPG Industries in the 2nd quarter valued at $318,870,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Trading Up 5.1%

Shares of NYSE PPG opened at $127.42 on Thursday. PPG Industries, Inc. has a fifty-two week low of $93.39 and a fifty-two week high of $133.43. The firm has a market capitalization of $28.15 billion, a P/E ratio of 18.20, a P/E/G ratio of 2.09 and a beta of 1.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15. The company’s 50 day simple moving average is $109.43 and its 200 day simple moving average is $112.71.

PPG Industries (NYSE:PPG) last released its earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.13. The firm had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.28 billion. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.13 EPS. On average, analysts predict that PPG Industries, Inc. will post 7.98 EPS for the current year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 10th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, November 10th. PPG Industries’s dividend payout ratio (DPR) is currently 42.29%.

Wall Street Analysts Forecast Growth

PPG has been the subject of several research reports. KeyCorp lifted their target price on PPG Industries from $128.00 to $131.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Barclays upped their price target on PPG Industries from $136.00 to $137.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. Wells Fargo & Company raised their price target on PPG Industries from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. Bank of America upgraded PPG Industries from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $127.00 to $134.00 in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their price objective on PPG Industries from $125.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $128.29.

About PPG Industries

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.