Kentucky Retirement Systems Sells 1,483 Shares of PPG Industries, Inc. (NYSE:PPG)

Kentucky Retirement Systems lessened its holdings in PPG Industries, Inc. (NYSE:PPG) by 8.4% during the third quarter, HoldingsChannel reports. The firm owned 16,253 shares of the specialty chemicals company’s stock after selling 1,483 shares during the quarter. Kentucky Retirement Systems’ holdings in PPG Industries were worth $2,153,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PPG. Vest Financial LLC boosted its stake in PPG Industries by 28.9% in the second quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company’s stock valued at $42,516,000 after buying an additional 75,620 shares in the last quarter. BDF Gestion bought a new stake in shares of PPG Industries during the 2nd quarter valued at approximately $3,452,000. Ritholtz Wealth Management acquired a new position in PPG Industries during the 3rd quarter worth approximately $604,000. Swedbank AB lifted its stake in PPG Industries by 6.3% in the 2nd quarter. Swedbank AB now owns 158,761 shares of the specialty chemicals company’s stock valued at $19,986,000 after purchasing an additional 9,412 shares during the last quarter. Finally, iA Global Asset Management Inc. boosted its position in PPG Industries by 199.7% in the first quarter. iA Global Asset Management Inc. now owns 18,267 shares of the specialty chemicals company’s stock valued at $2,647,000 after buying an additional 12,171 shares in the last quarter. Institutional investors own 81.86% of the company’s stock.

Insider Buying and Selling

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of PPG Industries stock in a transaction on 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 of the company’s stock, valued at $1,692,513.20. The trade was a 12.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is currently owned by corporate insiders.

PPG Industries Trading Down 0.8 %

NYSE:PPG opened at $122.53 on Monday. The firm has a fifty day simple moving average of $127.37 and a two-hundred day simple moving average of $127.78. 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 $28.43 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.87 and a beta of 1.26. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last issued its earnings results 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 firm had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm earned $2.07 earnings per share. The business’s quarterly revenue was down 1.5% on a year-over-year basis. Analysts expect that PPG Industries, Inc. will post 8.18 EPS for the current fiscal year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is presently 43.11%.

Analysts Set New Price Targets

PPG has been the topic of several recent research reports. JPMorgan Chase & Co. cut their price objective on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price objective (down previously from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Mizuho cut their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Citigroup dropped their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, KeyCorp reduced their price objective on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $149.93.

PPG Industries Company 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.