PPG Industries, Inc. (NYSE:PPG) Shares Sold by American National Registered Investment Advisor Inc.
American National Registered Investment Advisor Inc. reduced its position in PPG Industries, Inc. (NYSE:PPG) by 21.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,140 shares of the specialty chemicals company’s stock after selling 2,960 shares during the period. American National Registered Investment Advisor Inc.’s holdings in PPG Industries were worth $1,216,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its position in PPG Industries by 6.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 23,500,737 shares of the specialty chemicals company’s stock worth $2,564,635,000 after buying an additional 1,387,824 shares during the last quarter. Parnassus Investments CA increased its holdings in shares of PPG Industries by 68.1% during the 2nd quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock valued at $441,520,000 after purchasing an additional 1,724,631 shares in the last quarter. Wells Fargo & Company MN grew its stake in PPG Industries by 3.5% in the 3rd quarter. Wells Fargo & Company MN now owns 3,498,867 shares of the specialty chemicals company’s stock valued at $381,831,000 after acquiring an additional 119,509 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new stake in PPG Industries in the 2nd quarter valued at $327,975,000. Finally, Bank of America Corp DE grew its stake in PPG Industries by 15.2% in the 2nd quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock valued at $316,527,000 after acquiring an additional 401,643 shares during the period. Institutional investors and hedge funds own 78.51% of the company’s stock.
A number of equities research analysts recently issued reports on the stock. Longbow Research assumed coverage on shares of PPG Industries in a research note on Friday, November 30th. They issued a “neutral” rating on the stock. Credit Suisse Group set a $115.00 price target on shares of PPG Industries and gave the company a “hold” rating in a research note on Wednesday. Deutsche Bank dropped their price target on shares of PPG Industries from $124.00 to $116.00 and set a “buy” rating on the stock in a research note on Tuesday, October 9th. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Monday, October 8th. Finally, KeyCorp dropped their price target on shares of PPG Industries from $128.00 to $119.00 and set an “overweight” rating on the stock in a research note on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $119.00.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share for the quarter, meeting the consensus estimate of $1.45. The firm had revenue of $3.82 billion for the quarter, compared to analysts’ expectations of $3.81 billion. PPG Industries had a net margin of 8.34% and a return on equity of 27.83%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.52 EPS. As a group, equities research analysts predict that PPG Industries, Inc. will post 5.81 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 12th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.92 annualized dividend and a dividend yield of 1.86%. PPG Industries’s payout ratio is 32.71%.
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PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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