FineMark National Bank & Trust Sells 150 Shares of PPG Industries, Inc. (NYSE:PPG)

FineMark National Bank & Trust reduced its stake in PPG Industries, Inc. (NYSE:PPG) by 2.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,546 shares of the specialty chemicals company’s stock after selling 150 shares during the quarter. FineMark National Bank & Trust’s holdings in PPG Industries were worth $824,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of PPG Industries by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after purchasing an additional 4,222,402 shares in the last quarter. Norges Bank purchased a new position in PPG Industries in the 4th quarter worth approximately $554,685,000. Putnam Investments LLC raised its holdings in PPG Industries by 3.1% in the 4th quarter. Putnam Investments LLC now owns 2,659,974 shares of the specialty chemicals company’s stock worth $397,799,000 after acquiring an additional 81,200 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in PPG Industries by 37.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock worth $270,876,000 after acquiring an additional 496,998 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in PPG Industries by 30.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,768,094 shares of the specialty chemicals company’s stock worth $264,424,000 after acquiring an additional 417,145 shares during the last quarter. 81.86% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. UBS Group boosted their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. KeyCorp decreased their target price on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Citigroup decreased their target price on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, Bank of America decreased their target price on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $151.08.

PPG Industries Trading Down 1.1 %

Shares of PPG Industries stock opened at $125.31 on Friday. The company has a market capitalization of $29.39 billion, a P/E ratio of 21.17, a P/E/G ratio of 1.75 and a beta of 1.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. The company has a fifty day moving average of $125.63 and a 200 day moving average of $132.00. PPG Industries, Inc. has a fifty-two week low of $118.07 and a fifty-two week high of $151.16.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.02. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.93 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. PPG Industries’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.25 EPS. On average, sell-side analysts anticipate that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Monday, August 12th. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio is 45.95%.

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.