Meyer Handelman Co. Reduces Position in PPG Industries, Inc. (NYSE:PPG)

Meyer Handelman Co. decreased its holdings in PPG Industries, Inc. (NYSE:PPG) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 177,049 shares of the specialty chemicals company’s stock after selling 5,220 shares during the period. Meyer Handelman Co. owned 0.08% of PPG Industries worth $21,149,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PPG. State Street Corp grew its stake in PPG Industries by 4.4% in the 3rd quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock valued at $1,552,100,000 after buying an additional 491,774 shares in the last quarter. Wellington Management Group LLP grew its position in shares of PPG Industries by 5.7% in the third quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock valued at $1,189,095,000 after purchasing an additional 485,597 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of PPG Industries by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock valued at $403,049,000 after purchasing an additional 170,339 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of 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 during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in PPG Industries by 20.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock worth $276,576,000 after purchasing an additional 368,410 shares in the last quarter. Institutional investors own 81.86% of the company’s stock.

PPG Industries Stock Performance

NYSE:PPG opened at $116.46 on Wednesday. The company has a market capitalization of $27.02 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 1.90 and a beta of 1.24. The business has a 50 day moving average of $121.66 and a 200 day moving average of $124.91. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. PPG Industries, Inc. has a 1-year low of $113.00 and a 1-year high of $145.86.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The business had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the firm posted $2.07 earnings per share. The company’s revenue was down 1.5% compared to the same quarter last year. On average, sell-side analysts predict that PPG Industries, Inc. will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th were paid a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend was Tuesday, November 12th. PPG Industries’s dividend payout ratio is presently 43.11%.

Insider Activity

In related news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the sale, the vice president now directly owns 13,454 shares in the company, valued at $1,692,513.20. This represents a 12.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PPG shares. Citigroup decreased their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. decreased their target price on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. BMO Capital Markets reissued an “outperform” rating and issued a $155.00 price target (down from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Royal Bank of Canada reduced their price target on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 22nd. Finally, Mizuho lowered their price objective on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $149.29.

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.