Corebridge Financial Inc. Cuts Holdings in PPG Industries, Inc. (NYSE:PPG)

Corebridge Financial Inc. lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 5.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 54,927 shares of the specialty chemicals company’s stock after selling 3,001 shares during the period. Corebridge Financial Inc.’s holdings in PPG Industries were worth $6,561,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in PPG. First Eagle Investment Management LLC increased its stake in PPG Industries by 138.9% in the fourth quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company’s stock valued at $381,876,000 after acquiring an additional 1,858,895 shares during the last quarter. Cooke & Bieler LP purchased a new position in shares of PPG Industries in the 4th quarter worth about $107,850,000. Vanguard Group Inc. increased its position in shares of PPG Industries by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company’s stock valued at $3,508,210,000 after purchasing an additional 756,937 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of PPG Industries during the 4th quarter valued at about $82,071,000. Finally, State Street Corp raised its holdings in shares of PPG Industries by 4.4% during 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. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on PPG shares. Citigroup reduced their price target on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Wells Fargo & Company lowered their price target on shares of PPG Industries from $150.00 to $135.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Deutsche Bank Aktiengesellschaft reduced their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. StockNews.com cut PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, February 3rd. Finally, The Goldman Sachs Group dropped their price objective on PPG Industries from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $138.15.

Insider Buying and Selling

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the transaction, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,240,835.55. This represents a 11.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is owned by corporate insiders.

PPG Industries Stock Down 1.0 %

Shares of PPG Industries stock opened at $107.32 on Friday. The company has a 50-day simple moving average of $115.37 and a two-hundred day simple moving average of $121.23. The stock has a market capitalization of $24.36 billion, a PE ratio of 22.69, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22. PPG Industries, Inc. has a 52-week low of $105.64 and a 52-week high of $145.61. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share 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%. On average, analysts anticipate that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 21st were given a dividend of $0.68 per share. The ex-dividend date was Friday, February 21st. This represents a $2.72 annualized dividend and a dividend yield of 2.53%. PPG Industries’s dividend payout ratio (DPR) is presently 57.51%.

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.