PPG Industries, Inc. $PPG Stock: Sumitomo Mitsui Trust Group Inc. Lowers Holdings

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 3.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 606,024 shares of the specialty chemicals company’s stock after selling 21,422 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.27% of PPG Industries worth $63,226,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PPG. Essential Partners LLC raised its stake in shares of PPG Industries by 59.3% during the first quarter. Essential Partners LLC now owns 301 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 112 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in shares of PPG Industries by 6.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 2,012 shares of the specialty chemicals company’s stock valued at $244,000 after purchasing an additional 114 shares during the period. Ancora Advisors LLC boosted its stake in shares of PPG Industries by 36.5% in the second quarter. Ancora Advisors LLC now owns 430 shares of the specialty chemicals company’s stock valued at $52,000 after purchasing an additional 115 shares during the period. Glenview Trust Co boosted its stake in shares of PPG Industries by 0.8% in the third quarter. Glenview Trust Co now owns 16,047 shares of the specialty chemicals company’s stock valued at $1,674,000 after purchasing an additional 125 shares during the period. Finally, Wealth Alliance LLC grew its holdings in PPG Industries by 2.8% during the 1st quarter. Wealth Alliance LLC now owns 5,125 shares of the specialty chemicals company’s stock valued at $548,000 after purchasing an additional 139 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PPG shares. Wells Fargo & Company lifted their price target on shares of PPG Industries from $130.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Royal Bank Of Canada upped their price objective on shares of PPG Industries from $115.00 to $123.00 and gave the company a “sector perform” rating in a research report on Thursday, October 29th. Barclays raised their target price on PPG Industries from $136.00 to $137.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. JPMorgan Chase & Co. lifted their target price on PPG Industries from $125.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Finally, Bank of America upgraded PPG Industries from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $127.00 to $134.00 in a research note on Friday, July 17th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.29.

PPG Industries Stock Down 3.0%

PPG stock opened at $121.11 on Wednesday. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The firm has a 50 day simple moving average of $109.16 and a 200-day simple moving average of $112.63. The company has a market capitalization of $26.75 billion, a P/E ratio of 15.97, a PEG ratio of 2.15 and a beta of 1.00. PPG Industries, Inc. has a twelve month low of $93.39 and a twelve month high of $133.43.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.13. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The firm had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same period in the prior year, the company posted $2.13 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts predict that PPG Industries, Inc. will post 7.98 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 10th will be given a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $2.96 annualized dividend and a dividend yield of 2.4%. PPG Industries’s payout ratio is presently 42.29%.

PPG Industries Company Profile

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.