Gofen & Glossberg LLC IL Trims Stock Position in PPG Industries, Inc. (NYSE:PPG)

Gofen & Glossberg LLC IL cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 16.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,064 shares of the specialty chemicals company’s stock after selling 1,173 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in PPG Industries were worth $867,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. IFM Investors Pty Ltd lifted its position in PPG Industries by 0.3% during the third quarter. IFM Investors Pty Ltd now owns 30,776 shares of the specialty chemicals company’s stock worth $4,401,000 after buying an additional 90 shares during the period. Koshinski Asset Management Inc. purchased a new position in PPG Industries during the third quarter worth about $71,000. Arden Trust Co lifted its position in PPG Industries by 6.0% during the third quarter. Arden Trust Co now owns 15,323 shares of the specialty chemicals company’s stock worth $2,191,000 after buying an additional 874 shares during the period. Windsor Group LTD lifted its position in PPG Industries by 1.7% during the third quarter. Windsor Group LTD now owns 6,304 shares of the specialty chemicals company’s stock worth $908,000 after buying an additional 107 shares during the period. Finally, First Midwest Bank Trust Division increased its stake in PPG Industries by 3.8% during the third quarter. First Midwest Bank Trust Division now owns 3,895 shares of the specialty chemicals company’s stock worth $557,000 after acquiring an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

NYSE:PPG opened at $158.76 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.34 and a debt-to-equity ratio of 0.95. The business’s 50 day moving average is $155.89 and its two-hundred day moving average is $164.12. PPG Industries, Inc. has a 52 week low of $132.10 and a 52 week high of $182.97. The company has a market cap of $37.69 billion, a PE ratio of 26.68, a P/E/G ratio of 1.15 and a beta of 1.15.

PPG Industries (NYSE:PPG) last released its earnings results on Tuesday, October 19th. The specialty chemicals company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.10. PPG Industries had a return on equity of 27.62% and a net margin of 8.71%. The company had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.25 billion. During the same quarter last year, the business posted $1.93 EPS. PPG Industries’s quarterly revenue was up 18.6% compared to the same quarter last year. As a group, sell-side analysts expect that PPG Industries, Inc. will post 6.72 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Wednesday, November 10th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Tuesday, November 9th. PPG Industries’s dividend payout ratio (DPR) is 39.66%.

PPG has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on PPG Industries from $180.00 to $183.00 and gave the stock an “overweight” rating in a research note on Friday, October 22nd. BMO Capital Markets dropped their price target on PPG Industries from $188.00 to $185.00 and set an “outperform” rating for the company in a research note on Friday, October 22nd. Barclays upped their price target on PPG Industries from $180.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Friday, October 22nd. Royal Bank of Canada dropped their price target on PPG Industries from $183.00 to $170.00 and set an “outperform” rating for the company in a research note on Wednesday, September 8th. Finally, Mizuho upped their price target on PPG Industries from $180.00 to $184.00 and gave the stock a “buy” rating in a research note on Friday, October 22nd. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $177.33.

PPG Industries Profile

PPG Industries, Inc engages in the manufacture and distribution of coatings, specialty materials, and glass products. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment comprises of the refinish, aerospace, protective and marine, and architectural coatings businesses.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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