Huntington National Bank Lowers Holdings in PPG Industries, Inc. (NYSE:PPG)

Huntington National Bank reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,107 shares of the specialty chemicals company’s stock after selling 496 shares during the period. Huntington National Bank’s holdings in PPG Industries were worth $3,723,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PPG. Financial Connections Group Inc. purchased a new stake in shares of PPG Industries during the second quarter worth $25,000. Capital Performance Advisors LLP purchased a new stake in PPG Industries during the 3rd quarter worth about $34,000. Rothschild Investment LLC acquired a new stake in PPG Industries in the 2nd quarter valued at about $37,000. Hara Capital LLC purchased a new position in shares of PPG Industries in the 3rd quarter valued at about $40,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of PPG Industries during the third quarter worth about $46,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Anne M. Foulkes sold 1,985 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $125.80, for a total transaction of $249,713.00. Following the transaction, the vice president now directly owns 13,454 shares in the company, valued at $1,692,513.20. The trade was a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PPG. Bank of America reduced their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Barclays reduced their price objective on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. UBS Group boosted their target price on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Citigroup cut their price target on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, KeyCorp lowered their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $149.93.

PPG Industries Stock Performance

Shares of PPG Industries stock opened at $123.52 on Friday. The firm’s fifty day simple moving average is $127.45 and its 200-day simple moving average is $127.90. PPG Industries, Inc. has a 12 month low of $118.07 and a 12 month high of $151.16. The stock has a market capitalization of $28.66 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 1.89 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm posted $2.07 earnings per share. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities analysts forecast that PPG Industries, Inc. will post 8.18 earnings per share for the current year.

PPG Industries Dividend Announcement

The business 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 dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is presently 43.11%.

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.