Palouse Capital Management Inc. Sells 663 Shares of PPG Industries, Inc. (NYSE:PPG)

Palouse Capital Management Inc. cut its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 12.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,678 shares of the specialty chemicals company’s stock after selling 663 shares during the period. Palouse Capital Management Inc.’s holdings in PPG Industries were worth $620,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PPG. Kingsview Wealth Management LLC raised its holdings in shares of PPG Industries by 0.9% in the first quarter. Kingsview Wealth Management LLC now owns 8,312 shares of the specialty chemicals company’s stock valued at $1,204,000 after purchasing an additional 76 shares during the last quarter. Applied Capital LLC FL lifted its position in shares of PPG Industries by 1.3% during the 1st quarter. Applied Capital LLC FL now owns 6,402 shares of the specialty chemicals company’s stock worth $928,000 after buying an additional 82 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of PPG Industries by 0.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,244 shares of the specialty chemicals company’s stock worth $2,549,000 after buying an additional 82 shares during the last quarter. Klingman & Associates LLC lifted its holdings in PPG Industries by 2.6% during the second quarter. Klingman & Associates LLC now owns 3,326 shares of the specialty chemicals company’s stock worth $419,000 after acquiring an additional 83 shares during the period. Finally, Fragasso Financial Advisors Inc boosted its holdings in shares of PPG Industries by 0.6% in the 2nd quarter. Fragasso Financial Advisors Inc now owns 13,958 shares of the specialty chemicals company’s stock worth $1,757,000 after buying an additional 84 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PPG. Barclays dropped their price objective on 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. Mizuho dropped 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. KeyCorp dropped their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Citigroup lowered their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 target price (down from $160.00) on shares of PPG Industries in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $150.14.

PPG Industries Trading Down 1.5 %

NYSE:PPG traded down $1.97 during mid-day trading on Monday, reaching $128.96. 606,359 shares of the company’s stock traded hands, compared to its average volume of 1,596,694. PPG Industries, Inc. has a 12-month low of $118.07 and a 12-month 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 company has a 50 day moving average price of $127.21 and a 200-day moving average price of $129.01. The firm has a market capitalization of $30.09 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 1.73 and a beta of 1.26.

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 analysts’ consensus estimates of $2.15 by ($0.02). The business had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business’s revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.07 EPS. On average, sell-side analysts predict that PPG Industries, Inc. will post 8.24 earnings per share for the current year.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.68 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 annualized dividend and a yield of 2.11%. PPG Industries’s payout ratio is 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.