Patten & Patten Inc. TN Has $210,000 Holdings in PPG Industries, Inc. (NYSE:PPG)

Patten & Patten Inc. TN cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 8.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,754 shares of the specialty chemicals company’s stock after selling 168 shares during the quarter. Patten & Patten Inc. TN’s holdings in PPG Industries were worth $210,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Legend Financial Advisors Inc. bought a new position in PPG Industries during the fourth quarter worth $27,000. Pin Oak Investment Advisors Inc. boosted its stake in PPG Industries by 465.1% during the third quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 200 shares in the last quarter. Albion Financial Group UT bought a new position in PPG Industries during the fourth quarter worth $38,000. Crews Bank & Trust bought a new position in PPG Industries during the fourth quarter worth $42,000. Finally, Sugar Maple Asset Management LLC bought a new position in PPG Industries during the fourth quarter worth $44,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Price Performance

PPG opened at $113.85 on Tuesday. The firm has a 50-day moving average price of $116.33 and a 200-day moving average price of $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. PPG Industries, Inc. has a twelve month low of $109.15 and a twelve month high of $145.61. The company has a market capitalization of $25.84 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 2.19 and a beta of 1.22.

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

PPG Industries Dividend Announcement

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

Analysts Set New Price Targets

PPG has been the topic of several research analyst reports. Mizuho cut their target price 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. Citigroup dropped their price objective on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, December 18th. Wells Fargo & Company dropped their price objective on shares of PPG Industries from $150.00 to $135.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. KeyCorp lowered shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. lowered shares of PPG Industries from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $145.00 to $115.00 in a research note on Wednesday, February 12th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $138.15.

Insider Buying and Selling

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