PPG Industries, Inc. (NYSE:PPG) Shares Sold by Cassaday & Co Wealth Management LLC

Cassaday & Co Wealth Management LLC trimmed its stake in PPG Industries, Inc. (NYSE:PPG) by 6.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,519 shares of the specialty chemicals company’s stock after selling 103 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in PPG Industries were worth $201,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Quest Partners LLC boosted its holdings in shares of PPG Industries by 90.1% in the third quarter. Quest Partners LLC now owns 5,179 shares of the specialty chemicals company’s stock worth $686,000 after buying an additional 2,455 shares during the period. MAI Capital Management grew its position in PPG Industries by 88.7% during the 3rd quarter. MAI Capital Management now owns 6,319 shares of the specialty chemicals company’s stock worth $837,000 after purchasing an additional 2,970 shares in the last quarter. Equity Investment Corp lifted its holdings in shares of PPG Industries by 7.0% in the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock valued at $86,006,000 after purchasing an additional 42,380 shares in the last quarter. Aljian Capital Management LLC acquired a new position in PPG Industries during the third quarter valued at $455,000. Finally, Thrivent Financial for Lutherans boosted its position in PPG Industries by 9.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 26,493 shares of the specialty chemicals company’s stock worth $3,509,000 after acquiring an additional 2,202 shares during the period. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Price Performance

Shares of PPG Industries stock opened at $123.42 on Tuesday. The stock has a market capitalization of $28.63 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 1.87 and a beta of 1.26. The firm’s 50-day moving average price is $127.32 and its two-hundred day moving average price is $127.72. 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, Inc. has a 1-year low of $118.07 and a 1-year high of $151.16.

PPG Industries (NYSE:PPG) last released its quarterly 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). The business had revenue of $4.58 billion for the quarter, compared to the consensus estimate 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 quarter last year, the company earned $2.07 earnings per share. On average, equities analysts predict that PPG Industries, Inc. will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be given a dividend of $0.68 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 annualized dividend and a yield of 2.20%. PPG Industries’s dividend payout ratio (DPR) is 43.11%.

Insiders Place Their Bets

In other news, VP Anne M. Foulkes sold 1,985 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $1,692,513.20. This represents a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

PPG has been the subject of a number of research analyst reports. Citigroup reduced 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 report on Monday, July 22nd. Mizuho decreased their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Royal Bank of Canada dropped their price target on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 22nd. BMO Capital Markets restated an “outperform” rating and issued a $155.00 target price (down previously from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. cut their price target on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $149.93.

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.