PPG Industries, Inc. $PPG Stake Lifted by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its stake in PPG Industries, Inc. (NYSE:PPG) by 26.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,903 shares of the specialty chemicals company’s stock after buying an additional 27,105 shares during the period. Illinois Municipal Retirement Fund’s holdings in PPG Industries were worth $13,344,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Meeder Asset Management Inc. acquired a new stake in PPG Industries during the 2nd quarter worth $26,000. Keating Financial Advisory Services Inc. purchased a new stake in PPG Industries in the second quarter valued at $28,000. Community Bank N.A. acquired a new position in PPG Industries in the second quarter valued at $28,000. Pin Oak Investment Advisors Inc. acquired a new position in PPG Industries in the second quarter valued at $29,000. Finally, Silvant Capital Management LLC acquired a new position in PPG Industries in the second quarter valued at $30,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other PPG Industries news, VP Chancey Hagerty sold 2,500 shares of the stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $127.14, for a total transaction of $317,850.00. Following the completion of the sale, the vice president directly owned 9,761 shares of the company’s stock, valued at approximately $1,241,013.54. This trade represents a 20.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently commented on PPG shares. Citigroup lifted their target price on PPG Industries from $118.00 to $130.00 and gave the stock a “neutral” rating in a research report on Thursday, October 29th. Royal Bank Of Canada boosted their target price on PPG Industries from $115.00 to $123.00 and gave the company a “sector perform” rating in a report on Thursday, October 29th. The Goldman Sachs Group reissued a “buy” rating and issued a $128.00 target price on shares of PPG Industries in a research report on Friday, October 9th. UBS Group raised their price target on PPG Industries from $116.00 to $123.00 and gave the stock a “neutral” rating in a research note on Thursday, October 29th. Finally, Wall Street Zen lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.29.

PPG Industries Price Performance

Shares of NYSE:PPG opened at $124.80 on Thursday. The company has a 50-day simple moving average of $110.56 and a 200-day simple moving average of $113.02. PPG Industries, Inc. has a one year low of $93.39 and a one year high of $133.43. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.58. The stock has a market capitalization of $27.57 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 2.14 and a beta of 1.00.

PPG Industries (NYSE:PPG) last announced its earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.13. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the prior year, the firm earned $2.13 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts predict that PPG Industries, Inc. will post 7.98 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be paid a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $2.96 annualized dividend and a yield of 2.4%. PPG Industries’s dividend payout ratio is currently 42.29%.

About PPG Industries

PPG Industries, Inc. is a global supplier of paints, coatings and specialty materials. Founded in 1883 as Pittsburgh Plate Glass, the company has expanded beyond its original glass business and is headquartered in Pittsburgh, Pennsylvania. PPG’s products include architectural paints and coatings, automotive finishes, aerospace coatings, protective and marine coatings, and coatings for industrial and packaging applications. Its specialty materials support uses in areas such as construction, transportation and manufacturing.