CIBC Private Wealth Group LLC Sells 6,871 Shares of PPG Industries, Inc. (NYSE:PPG)

CIBC Private Wealth Group LLC trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 28.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,196 shares of the specialty chemicals company’s stock after selling 6,871 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in PPG Industries were worth $1,989,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of PPG. Allianz SE bought a new stake in shares of PPG Industries during the fourth quarter worth $1,513,000. Beutel Goodman & Co Ltd. boosted its stake in PPG Industries by 0.3% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 3,338,384 shares of the specialty chemicals company’s stock worth $398,770,000 after purchasing an additional 10,116 shares during the period. Allstate Corp bought a new position in PPG Industries during the 4th quarter worth about $870,000. DnB Asset Management AS raised its stake in shares of PPG Industries by 1.9% in the 4th quarter. DnB Asset Management AS now owns 50,726 shares of the specialty chemicals company’s stock valued at $6,059,000 after purchasing an additional 946 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of PPG Industries by 15.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 140,054 shares of the specialty chemicals company’s stock valued at $16,729,000 after purchasing an additional 18,286 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Argus lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, March 10th. KeyCorp downgraded shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, December 16th. Wells Fargo & Company reduced their target price on shares of PPG Industries from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Mizuho lowered their price target on shares of PPG Industries from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Finally, Royal Bank of Canada reduced their price objective on shares of PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 4th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $138.15.

Insider Buying and Selling at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 35,833 shares of the company’s stock, valued at approximately $4,240,835.55. This represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.33% of the company’s stock.

PPG Industries Stock Performance

Shares of NYSE PPG opened at $110.03 on Thursday. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $24.97 billion, a P/E ratio of 23.26, a P/E/G ratio of 2.19 and a beta of 1.22. PPG Industries, Inc. has a 12 month low of $105.64 and a 12 month high of $143.98. The stock has a 50 day moving average of $114.61 and a 200-day moving average of $120.85.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 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%. As a group, equities research analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 21st were paid a $0.68 dividend. The ex-dividend date was Friday, February 21st. This represents a $2.72 dividend on an annualized basis and a yield of 2.47%. PPG Industries’s dividend payout ratio (DPR) is currently 57.51%.

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.