Rhumbline Advisers Sells 17,501 Shares of PPG Industries, Inc. (NYSE:PPG)

Rhumbline Advisers decreased its position in PPG Industries, Inc. (NYSE:PPG) by 4.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 425,085 shares of the specialty chemicals company’s stock after selling 17,501 shares during the period. Rhumbline Advisers’ holdings in PPG Industries were worth $53,514,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PPG. Private Wealth Management Group LLC purchased a new stake in shares of PPG Industries during the fourth quarter valued at approximately $27,000. Richardson Financial Services Inc. bought a new position in PPG Industries in the 4th quarter valued at $29,000. LifeSteps Financial Inc. purchased a new stake in shares of PPG Industries during the 1st quarter valued at $29,000. YHB Investment Advisors Inc. bought a new stake in shares of PPG Industries during the 1st quarter worth $29,000. Finally, Financial Connections Group Inc. purchased a new position in shares of PPG Industries in the 2nd quarter worth about $25,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PPG shares. Barclays decreased their price objective on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, July 22nd. Citigroup decreased their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. 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. BMO Capital Markets decreased their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Finally, Royal Bank of Canada dropped their price target on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 23rd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $151.08.

PPG Industries Stock Performance

NYSE:PPG opened at $126.67 on Thursday. The business’s fifty day moving average is $125.62 and its 200 day moving average is $132.04. The firm has a market cap of $29.55 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 1.75 and a beta of 1.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. PPG Industries, Inc. has a 52-week low of $118.07 and a 52-week high of $151.16.

PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.02. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same quarter in the previous year, the firm earned $2.25 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Research analysts predict that PPG Industries, Inc. will post 8.25 EPS for the current year.

PPG Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Monday, August 12th. This is a boost from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 annualized dividend and a yield of 2.15%. PPG Industries’s dividend payout ratio is currently 45.95%.

PPG Industries Company 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.