Summit Financial LLC Boosts Stock Position in PPG Industries, Inc. (NYSE:PPG)

Summit Financial LLC boosted its position in shares of PPG Industries, Inc. (NYSE:PPG) by 47.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,156 shares of the specialty chemicals company’s stock after acquiring an additional 2,290 shares during the quarter. Summit Financial LLC’s holdings in PPG Industries were worth $855,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Legend Financial Advisors Inc. acquired a new position in shares of PPG Industries in the fourth quarter valued at approximately $27,000. Prudent Man Investment Management Inc. purchased a new position in PPG Industries in the 4th quarter valued at approximately $36,000. Albion Financial Group UT purchased a new stake in shares of PPG Industries during the fourth quarter worth $38,000. Crews Bank & Trust acquired a new stake in shares of PPG Industries in the fourth quarter valued at $42,000. Finally, Sugar Maple Asset Management LLC acquired a new stake in shares of PPG Industries in the fourth quarter valued at $44,000. 81.86% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PPG has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft cut their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Mizuho reduced their target price on shares of PPG Industries from $150.00 to $140.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Seaport Res Ptn cut shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of PPG Industries from $150.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, Argus downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, March 10th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, PPG Industries presently has an average rating of “Hold” and a consensus price target of $138.15.

PPG Industries Stock Up 1.0 %

PPG Industries stock opened at $110.03 on Thursday. The company has a market capitalization of $24.97 billion, a P/E ratio of 23.26, a PEG ratio of 2.19 and a beta of 1.22. 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, Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $143.98. The stock has a 50-day simple moving average of $114.61 and a 200-day simple moving average of $120.85.

PPG Industries (NYSE:PPG) last issued 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 net margin of 6.41% and a return on equity of 23.78%. Equities research analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st were paid a $0.68 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $2.72 dividend on an annualized basis and a yield of 2.47%. PPG Industries’s dividend payout ratio is presently 57.51%.

Insider Activity

In related news, CEO Timothy M. Knavish sold 4,800 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $118.35, for a total value of $568,080.00. Following the transaction, the chief executive officer now owns 35,833 shares in the company, valued at $4,240,835.55. The trade was a 11.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.

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.