Assetmark Inc. Sells 4,648 Shares of PPG Industries, Inc. (NYSE:PPG)

Assetmark Inc. trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 29.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,014 shares of the specialty chemicals company’s stock after selling 4,648 shares during the period. Assetmark Inc.’s holdings in PPG Industries were worth $1,459,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in PPG Industries by 17.2% in the first quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after buying an additional 4,222,402 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of PPG Industries by 20.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock valued at $276,576,000 after purchasing an additional 368,410 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of PPG Industries by 189.6% during the 3rd quarter. International Assets Investment Management LLC now owns 426,834 shares of the specialty chemicals company’s stock valued at $56,538,000 after purchasing an additional 279,455 shares during the last quarter. Federated Hermes Inc. increased its position in PPG Industries by 91.0% during the 2nd quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock worth $65,905,000 after purchasing an additional 249,406 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in PPG Industries by 549.0% in the 2nd quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock valued at $32,246,000 after purchasing an additional 216,675 shares during the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Anne M. Foulkes sold 1,985 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $125.80, for a total transaction of $249,713.00. Following the transaction, the vice president now owns 13,454 shares in the company, valued at approximately $1,692,513.20. This represents a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 target price (down previously from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Mizuho cut their price target on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Barclays reduced their price target on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. Finally, Citigroup cut their target price on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.93.

PPG Industries Price Performance

Shares of NYSE PPG opened at $123.52 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $28.66 billion, a PE ratio of 19.58, a P/E/G ratio of 1.86 and a beta of 1.26. The firm has a fifty day simple moving average of $127.45 and a 200 day simple moving average of $127.90. PPG Industries, Inc. has a twelve month low of $118.07 and a twelve month high of $151.16.

PPG Industries (NYSE:PPG) last released its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.15 by ($0.02). PPG Industries had a return on equity of 23.63% 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 period in the prior year, the business earned $2.07 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that PPG Industries, Inc. will post 8.18 EPS for the current year.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be given a dividend of $0.68 per share. The ex-dividend date is Tuesday, November 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.20%. PPG Industries’s payout ratio is presently 43.11%.

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.