Eastern Bank Sells 3,172 Shares of PPG Industries, Inc. (NYSE:PPG)

Eastern Bank trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 30.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,327 shares of the specialty chemicals company’s stock after selling 3,172 shares during the period. Eastern Bank’s holdings in PPG Industries were worth $971,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Kingsview Wealth Management LLC grew its position in shares of PPG Industries by 0.9% during the 1st quarter. Kingsview Wealth Management LLC now owns 8,312 shares of the specialty chemicals company’s stock worth $1,204,000 after buying an additional 76 shares during the period. Applied Capital LLC FL grew its holdings in PPG Industries by 1.3% during the first quarter. Applied Capital LLC FL now owns 6,402 shares of the specialty chemicals company’s stock valued at $928,000 after purchasing an additional 82 shares during the period. Oregon Public Employees Retirement Fund increased its stake in PPG Industries by 0.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 20,244 shares of the specialty chemicals company’s stock valued at $2,549,000 after purchasing an additional 82 shares in the last quarter. Klingman & Associates LLC raised its holdings in PPG Industries by 2.6% in the second quarter. Klingman & Associates LLC now owns 3,326 shares of the specialty chemicals company’s stock worth $419,000 after purchasing an additional 83 shares during the period. Finally, Fragasso Financial Advisors Inc boosted its position in shares of PPG Industries by 0.6% during the second quarter. Fragasso Financial Advisors Inc now owns 13,958 shares of the specialty chemicals company’s stock worth $1,757,000 after purchasing an additional 84 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on PPG shares. Bank of America dropped their price objective on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Citigroup cut their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. UBS Group boosted their price objective on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Mizuho dropped their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $149.93.

PPG Industries Trading Down 0.3 %

Shares of PPG Industries stock opened at $126.28 on Thursday. PPG Industries, Inc. has a 52-week low of $118.07 and a 52-week high of $151.16. The stock has a market cap of $29.46 billion, a PE ratio of 20.01, a PEG ratio of 1.93 and a beta of 1.26. The firm has a 50-day moving average of $127.69 and a 200-day moving average of $128.83. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.58.

PPG Industries (NYSE:PPG) last announced its earnings results 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 23.58% and a net margin of 8.24%. The business had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the company earned $2.07 EPS. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, sell-side analysts forecast that PPG Industries, Inc. will post 8.19 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be issued a $0.68 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 annualized dividend and a yield of 2.15%. PPG Industries’s dividend payout ratio is presently 43.11%.

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.