SouthState Corp Sells 405 Shares of PPG Industries, Inc. (NYSE:PPG)

SouthState Corp decreased its position in PPG Industries, Inc. (NYSE:PPG) by 6.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,485 shares of the specialty chemicals company’s stock after selling 405 shares during the quarter. SouthState Corp’s holdings in PPG Industries were worth $655,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. PUREfi Wealth LLC purchased a new stake in PPG Industries during the fourth quarter valued at approximately $279,000. PFW Advisors LLC purchased a new stake in PPG Industries in the fourth quarter worth $868,000. Equity Investment Corp lifted its holdings in PPG Industries by 7.0% during the 3rd quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock valued at $86,006,000 after buying an additional 42,380 shares in the last quarter. JGP Wealth Management LLC bought a new stake in shares of PPG Industries during the fourth quarter valued at approximately $4,050,000. Finally, Charles Schwab Investment Management Inc. raised its position in PPG Industries by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock valued at $340,654,000 after purchasing an additional 15,161 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Up 0.3 %

Shares of NYSE PPG opened at $113.85 on Tuesday. PPG Industries, Inc. has a 52-week low of $109.15 and a 52-week high of $145.61. The company’s 50-day simple moving average is $116.33 and its 200-day simple moving average is $122.16. 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 firm has a market cap of $25.84 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. Equities analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st were issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend was Friday, February 21st. PPG Industries’s payout ratio is currently 57.51%.

Wall Street Analysts Forecast Growth

PPG has been the subject of several recent research reports. UBS Group reduced their price target on shares of PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Friday, January 31st. Seaport Res Ptn cut PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. downgraded shares of PPG Industries from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $145.00 to $115.00 in a research note on Wednesday, February 12th. Argus downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, March 10th. Finally, Citigroup lowered their price target on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $138.15.

Insider Buying and Selling

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction on Friday, February 14th. The stock was sold at an average price of $118.35, for a total value of $568,080.00. Following the sale, the chief executive officer now owns 35,833 shares in the company, valued at $4,240,835.55. The trade was a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is owned by company insiders.

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.