PPG Industries, Inc. (NYSE:PPG) Position Trimmed by Synovus Financial Corp

Synovus Financial Corp lowered its stake in PPG Industries, Inc. (NYSE:PPG) by 12.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,576 shares of the specialty chemicals company’s stock after selling 376 shares during the period. Synovus Financial Corp’s holdings in PPG Industries were worth $341,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State Street Corp raised its position in shares of PPG Industries by 4.4% during the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after purchasing an additional 491,774 shares during the period. Wellington Management Group LLP raised its holdings in PPG Industries by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock worth $1,189,095,000 after buying an additional 485,597 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in PPG Industries by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock valued at $340,654,000 after buying an additional 15,161 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of PPG Industries by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock worth $276,576,000 after buying an additional 368,410 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of PPG Industries by 2.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,170 shares of the specialty chemicals company’s stock worth $248,650,000 after acquiring an additional 36,047 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Trading Down 0.7 %

NYSE:PPG opened at $121.25 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average is $125.30 and its 200-day moving average is $126.37. The firm has a market cap of $28.13 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 1.90 and a beta of 1.24. PPG Industries, Inc. has a 12 month low of $118.07 and a 12 month high of $150.82.

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

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th were issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is currently 43.11%.

Analysts Set New Price Targets

PPG has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Royal Bank of Canada lowered their price target on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. StockNews.com raised PPG Industries from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 12th. Mizuho lowered their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, Citigroup dropped their target price on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $150.00.

Insiders Place Their Bets

In other news, VP Anne M. Foulkes sold 1,985 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the sale, the vice president now owns 13,454 shares in the company, valued at approximately $1,692,513.20. This trade represents a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.56% of the company’s stock.

PPG Industries Profile

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.