City State Bank Cuts Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

City State Bank reduced its position in PPG Industries, Inc. (NYSE:PPG) by 18.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,290 shares of the specialty chemicals company’s stock after selling 300 shares during the period. City State Bank’s holdings in PPG Industries were worth $141,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of PPG Industries in the fourth quarter worth approximately $470,535,000. Kovitz Investment Group Partners LLC grew its position in PPG Industries by 482.2% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,337,649 shares of the specialty chemicals company’s stock worth $518,132,000 after purchasing an additional 3,592,655 shares during the period. Price T Rowe Associates Inc. MD grew its position in PPG Industries by 815.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,031,164 shares of the specialty chemicals company’s stock worth $362,074,000 after purchasing an additional 2,700,018 shares during the period. First Eagle Investment Management LLC raised its stake in PPG Industries by 138.9% during the 4th quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company’s stock valued at $381,876,000 after buying an additional 1,858,895 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of PPG Industries by 17.7% during the 4th quarter. Wellington Management Group LLP now owns 10,567,051 shares of the specialty chemicals company’s stock valued at $1,262,234,000 after buying an additional 1,590,041 shares during the period. 81.86% of the stock is owned by institutional investors.

PPG Industries Stock Performance

PPG opened at $112.66 on Friday. The firm has a market cap of $25.57 billion, a P/E ratio of 23.82, a PEG ratio of 2.19 and a beta of 1.17. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24. The company has a 50 day simple moving average of $106.52 and a two-hundred day simple moving average of $113.84. 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 issued its quarterly earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.10. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.67 billion. PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. PPG Industries’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.87 EPS. Equities analysts forecast that PPG Industries, Inc. will post 7.95 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Monday, May 12th will be given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Monday, May 12th. PPG Industries’s dividend payout ratio is currently 58.24%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PPG shares. Royal Bank of Canada upped their price objective on PPG Industries from $112.00 to $113.00 and gave the company a “sector perform” rating in a research report on Friday, May 2nd. Seaport Res Ptn lowered shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Citigroup lowered their price objective on shares of PPG Industries from $135.00 to $113.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upped their target price on shares of PPG Industries from $125.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 12th. Finally, Bank of America reiterated a “neutral” rating and issued a $126.00 price target (down from $143.00) on shares of PPG Industries in a research report on Tuesday, April 15th. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $128.42.

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.