Harfst & Associates Inc. Trims Stake in PPG Industries, Inc. (NYSE:PPG)

Harfst & Associates Inc. decreased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 26.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,267 shares of the specialty chemicals company’s stock after selling 823 shares during the quarter. Harfst & Associates Inc.’s holdings in PPG Industries were worth $300,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Financial Connections Group Inc. purchased a new position in PPG Industries in the second quarter valued at $25,000. Riverview Trust Co acquired a new position in PPG Industries in the 1st quarter worth about $34,000. Rothschild Investment LLC purchased a new position in PPG Industries during the second quarter worth approximately $37,000. LRI Investments LLC grew its holdings in PPG Industries by 463.8% in the second quarter. LRI Investments LLC now owns 389 shares of the specialty chemicals company’s stock valued at $49,000 after purchasing an additional 320 shares during the period. Finally, Slocum Gordon & Co LLP increased its position in shares of PPG Industries by 51.7% in the second quarter. Slocum Gordon & Co LLP now owns 455 shares of the specialty chemicals company’s stock valued at $57,000 after buying an additional 155 shares in the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target 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. KeyCorp cut their target price on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Barclays decreased their price target on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, July 22nd. BMO Capital Markets set a $160.00 price objective on PPG Industries in a research note on Thursday. Finally, Mizuho decreased their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, PPG Industries has a consensus rating of “Moderate Buy” and a consensus price target of $150.50.

PPG Industries Trading Down 0.3 %

Shares of PPG stock traded down $0.43 during trading on Friday, hitting $130.93. 2,174,631 shares of the stock traded hands, compared to its average volume of 1,601,597. The firm has a market capitalization of $30.55 billion, a P/E ratio of 21.46, a price-to-earnings-growth ratio of 1.73 and a beta of 1.26. PPG Industries, Inc. has a 52-week low of $118.07 and a 52-week high of $151.16. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05. The firm’s fifty day moving average price is $127.21 and its 200-day moving average price is $129.19.

PPG Industries (NYSE:PPG) last announced its quarterly 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). The business had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period last year, the company earned $2.07 EPS. As a group, research analysts forecast that PPG Industries, Inc. will post 8.24 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders 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 dividend yield of 2.08%. PPG Industries’s dividend payout ratio is currently 44.59%.

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.