Meyer Handelman Co. Sells 5,220 Shares of PPG Industries, Inc. (NYSE:PPG)

Meyer Handelman Co. trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 2.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 177,049 shares of the specialty chemicals company’s stock after selling 5,220 shares during the quarter. Meyer Handelman Co.’s holdings in PPG Industries were worth $21,149,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Legend Financial Advisors Inc. bought a new stake in shares of PPG Industries in the 4th quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. boosted its holdings in PPG Industries by 465.1% in the third quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 200 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in PPG Industries during the 3rd quarter valued at $34,000. Hara Capital LLC bought a new position in PPG Industries in the 3rd quarter worth $40,000. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of PPG Industries in the 3rd quarter worth about $46,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Trading Up 1.4 %

PPG Industries stock opened at $116.46 on Wednesday. PPG Industries, Inc. has a 12-month low of $113.00 and a 12-month high of $145.86. The firm has a market capitalization of $27.02 billion, a price-to-earnings ratio of 18.46, a P/E/G ratio of 1.90 and a beta of 1.24. The firm has a 50 day moving average of $121.66 and a 200 day moving average of $124.91. 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 announced its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the company earned $2.07 earnings per share. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, research analysts predict that PPG Industries, Inc. will post 8.18 earnings per share for the current year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th were paid a $0.68 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $2.72 dividend on an annualized basis and a yield of 2.34%. PPG Industries’s payout ratio is presently 43.11%.

Insider Buying and Selling at PPG Industries

In other news, VP Anne M. Foulkes sold 1,985 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the transaction, the vice president now owns 13,454 shares of the company’s stock, valued at $1,692,513.20. This represents a 12.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PPG. JPMorgan Chase & Co. decreased their price target on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Mizuho decreased their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. KeyCorp lowered PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 16th. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price objective (down previously from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Finally, Royal Bank of Canada lowered their price objective on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 22nd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, PPG Industries presently has an average rating of “Moderate Buy” and a consensus target price of $149.29.

About PPG Industries

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.