Harfst & Associates Inc. Sells 318 Shares of PPG Industries, Inc. (NYSE:PPG)

Harfst & Associates Inc. lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 14.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,949 shares of the specialty chemicals company’s stock after selling 318 shares during the quarter. Harfst & Associates Inc.’s holdings in PPG Industries were worth $233,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PPG. Allspring Global Investments Holdings LLC lifted its holdings in shares of PPG Industries by 15.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,322 shares of the specialty chemicals company’s stock valued at $2,030,000 after purchasing an additional 2,047 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of PPG Industries by 6.9% during the 3rd quarter. Private Advisor Group LLC now owns 12,123 shares of the specialty chemicals company’s stock valued at $1,606,000 after purchasing an additional 781 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of PPG Industries by 20.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,457 shares of the specialty chemicals company’s stock valued at $3,291,000 after purchasing an additional 4,212 shares in the last quarter. abrdn plc raised its position in PPG Industries by 1.1% in the 3rd quarter. abrdn plc now owns 266,825 shares of the specialty chemicals company’s stock valued at $35,194,000 after buying an additional 2,894 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. raised its position in PPG Industries by 19.1% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 20,048 shares of the specialty chemicals company’s stock valued at $2,656,000 after buying an additional 3,209 shares during the last quarter. Institutional investors own 81.86% of the company’s stock.

Insider Activity at PPG Industries

In related news, CEO Timothy M. Knavish sold 4,800 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $118.35, for a total transaction 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. This represents a 11.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by corporate insiders.

PPG Industries Trading Up 0.6 %

Shares of PPG stock opened at $115.07 on Thursday. The stock has a market cap of $26.11 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 2.19 and a beta of 1.23. The stock has a 50-day moving average of $117.83 and a 200-day moving average of $123.15. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. PPG Industries, Inc. has a 1-year low of $110.20 and a 1-year high of $145.60.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share 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%. On average, equities research analysts forecast that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a $0.68 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $2.72 annualized dividend and a dividend yield of 2.36%. PPG Industries’s payout ratio is 57.51%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PPG shares. Deutsche Bank Aktiengesellschaft dropped their target price on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Mizuho reduced their price target on PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. JPMorgan Chase & Co. downgraded PPG Industries from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $145.00 to $115.00 in a research note on Wednesday, February 12th. KeyCorp downgraded PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 16th. Finally, UBS Group reduced their price target on PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Friday, January 31st. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.15.

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.