Bank of New York Mellon Corp Sells 129,655 Shares of PPG Industries, Inc. (NYSE:PPG)

Bank of New York Mellon Corp trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 7.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,698,466 shares of the specialty chemicals company’s stock after selling 129,655 shares during the period. Bank of New York Mellon Corp owned approximately 0.73% of PPG Industries worth $202,882,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PPG. State Street Corp boosted its stake in PPG Industries by 4.4% during the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after buying an additional 491,774 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of PPG Industries by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock worth $1,189,095,000 after acquiring an additional 485,597 shares during the period. FMR LLC boosted its position in shares of PPG Industries by 68.3% during the 3rd quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock valued at $115,757,000 after acquiring an additional 354,740 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in PPG Industries by 65.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 523,014 shares of the specialty chemicals company’s stock valued at $62,474,000 after acquiring an additional 206,853 shares during the period. Finally, Barclays PLC raised its position in PPG Industries by 21.0% in the third quarter. Barclays PLC now owns 1,142,045 shares of the specialty chemicals company’s stock worth $151,276,000 after purchasing an additional 198,353 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Stock Performance

Shares of NYSE PPG opened at $113.80 on Friday. PPG Industries, Inc. has a 12 month low of $110.20 and a 12 month high of $145.60. The stock has a 50 day moving average of $117.72 and a 200-day moving average of $123.09. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $25.83 billion, a P/E ratio of 24.06, a P/E/G ratio of 2.19 and a beta of 1.23.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. As a group, equities research analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Friday, February 21st. PPG Industries’s dividend payout ratio (DPR) is currently 57.51%.

Insider Activity at PPG Industries

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction on Friday, February 14th. The stock was sold at an average price of $118.35, for a total value of $568,080.00. Following the completion of the transaction, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,240,835.55. The trade was a 11.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. StockNews.com cut PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, February 3rd. Barclays reissued an “equal weight” rating on shares of PPG Industries in a report on Monday, February 3rd. The Goldman Sachs Group lowered their target price on shares of PPG Industries from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Finally, Mizuho cut their price target on shares of PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, PPG Industries has a consensus rating of “Moderate Buy” and a consensus target price of $138.15.

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.