OLD National Bancorp IN Has $600,000 Stock Position in PPG Industries, Inc. (NYSE:PPG)

OLD National Bancorp IN cut its holdings in PPG Industries, Inc. (NYSE:PPG) by 7.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,527 shares of the specialty chemicals company’s stock after selling 347 shares during the quarter. OLD National Bancorp IN’s holdings in PPG Industries were worth $600,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vest Financial LLC raised its position in shares of PPG Industries by 28.9% during the second quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company’s stock worth $42,516,000 after purchasing an additional 75,620 shares during the period. BDF Gestion bought a new position in shares of PPG Industries during the 2nd quarter worth $3,452,000. State Board of Administration of Florida Retirement System grew its stake in shares of PPG Industries by 8.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 274,143 shares of the specialty chemicals company’s stock worth $36,620,000 after acquiring an additional 22,079 shares during the period. Vanguard Group Inc. grew its stake in shares of PPG Industries by 17.2% during the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after acquiring an additional 4,222,402 shares during the period. Finally, Wealthcare Advisory Partners LLC grew its stake in shares of PPG Industries by 188.7% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,074 shares of the specialty chemicals company’s stock worth $1,460,000 after acquiring an additional 6,584 shares during the period. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Trading Down 1.7 %

PPG opened at $126.60 on Wednesday. The stock has a market cap of $29.54 billion, a PE ratio of 20.06, a PEG ratio of 1.93 and a beta of 1.26. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average of $127.56 and a 200-day moving average of $128.85. PPG Industries, Inc. has a 52 week low of $118.07 and a 52 week high of $151.16.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data 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). The company had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.58%. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.07 EPS. Equities research analysts predict that PPG Industries, Inc. will post 8.19 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PPG shares. BMO Capital Markets reissued an “outperform” rating and set a $155.00 price objective (down previously from $160.00) on shares of PPG Industries in a report on Monday. Citigroup lowered their price target on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Mizuho reduced their price objective on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Royal Bank of Canada reduced their price target on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Finally, UBS Group raised their price target on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.93.

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.