PPG Industries, Inc. $PPG Position Reduced by Kelleher Financial Advisors

Kelleher Financial Advisors trimmed its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 50.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,602 shares of the specialty chemicals company’s stock after selling 4,602 shares during the quarter. Kelleher Financial Advisors’ holdings in PPG Industries were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Rakuten Investment Management Inc. lifted its position in shares of PPG Industries by 9.4% during the 3rd quarter. Rakuten Investment Management Inc. now owns 39,939 shares of the specialty chemicals company’s stock worth $4,234,000 after buying an additional 3,430 shares during the period. Provenance Wealth Advisors LLC bought a new stake in PPG Industries in the third quarter valued at $112,000. Greenleaf Trust grew its position in PPG Industries by 30.6% in the third quarter. Greenleaf Trust now owns 3,444 shares of the specialty chemicals company’s stock valued at $359,000 after acquiring an additional 807 shares during the period. Columbia Bank grew its position in PPG Industries by 8.3% in the third quarter. Columbia Bank now owns 10,443 shares of the specialty chemicals company’s stock valued at $1,090,000 after acquiring an additional 798 shares during the period. Finally, Hoey Investments Inc. acquired a new position in PPG Industries during the third quarter worth $42,000. 81.86% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on PPG. Bank of America raised PPG Industries from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $127.00 to $134.00 in a report on Friday, July 17th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $128.00 target price on shares of PPG Industries in a report on Friday, October 9th. Wells Fargo & Company increased their target price on shares of PPG Industries from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. JPMorgan Chase & Co. lifted their price target on shares of PPG Industries from $125.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $137.00 price target on shares of PPG Industries in a research report on Thursday, October 29th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $128.29.

PPG Industries Stock Up 5.1%

NYSE PPG opened at $127.42 on Thursday. The stock’s 50 day simple moving average is $109.43 and its 200 day simple moving average is $112.71. PPG Industries, Inc. has a one year low of $93.39 and a one year high of $133.43. The firm has a market cap of $28.15 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 2.09 and a beta of 1.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data 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. The firm had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.28 billion. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.13 EPS. As a group, sell-side analysts forecast that PPG Industries, Inc. will post 7.98 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Tuesday, November 10th will be paid a $0.74 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.3%. PPG Industries’s dividend payout ratio (DPR) is 42.29%.

PPG Industries 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.