Raymond James Trust N.A. Sells 1,497 Shares of PPG Industries, Inc. (NYSE:PPG)
Raymond James Trust N.A. lowered its holdings in PPG Industries, Inc. (NYSE:PPG) by 4.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,615 shares of the specialty chemicals company’s stock after selling 1,497 shares during the period. Raymond James Trust N.A.’s holdings in PPG Industries were worth $3,616,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. TRH Financial LLC boosted its holdings in PPG Industries by 16.4% in the 3rd quarter. TRH Financial LLC now owns 19,965 shares of the specialty chemicals company’s stock valued at $2,437,000 after purchasing an additional 2,806 shares during the period. Nachman Norwood & Parrott Inc bought a new stake in PPG Industries in the 3rd quarter valued at about $101,000. Avantax Advisory Services Inc. boosted its holdings in PPG Industries by 128.0% in the 3rd quarter. Avantax Advisory Services Inc. now owns 8,003 shares of the specialty chemicals company’s stock valued at $980,000 after purchasing an additional 4,493 shares during the period. DNB Asset Management AS raised its position in shares of PPG Industries by 13.2% in the 3rd quarter. DNB Asset Management AS now owns 39,720 shares of the specialty chemicals company’s stock valued at $4,849,000 after buying an additional 4,644 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its position in shares of PPG Industries by 48.6% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 3,131 shares of the specialty chemicals company’s stock valued at $382,000 after buying an additional 1,024 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE PPG opened at $137.16 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 0.93. The company’s fifty day simple moving average is $125.55 and its 200 day simple moving average is $107.95. PPG Industries, Inc. has a 12-month low of $69.77 and a 12-month high of $138.39. The firm has a market cap of $32.37 billion, a PE ratio of 32.58, a P/E/G ratio of 5.11 and a beta of 1.26.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be issued a dividend of $0.54 per share. The ex-dividend date is Monday, November 9th. This represents a $2.16 annualized dividend and a yield of 1.57%. PPG Industries’s payout ratio is 34.73%.
In other PPG Industries news, EVP Timothy M. Knavish sold 15,300 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $120.69, for a total transaction of $1,846,557.00. Corporate insiders own 0.41% of the company’s stock.
Several brokerages have issued reports on PPG. JPMorgan Chase & Co. upped their price target on shares of PPG Industries from $105.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. BMO Capital Markets upped their price objective on shares of PPG Industries from $125.00 to $137.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Morgan Stanley upped their price objective on shares of PPG Industries from $112.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday, August 14th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of PPG Industries from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, October 9th. Finally, Evercore ISI initiated coverage on shares of PPG Industries in a research note on Tuesday, September 22nd. They issued an “inline” rating and a $135.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $127.79.
PPG Industries Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
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