Texas Permanent School Fund Corp Sells 9,759 Shares of PPG Industries, Inc. (NYSE:PPG)

Texas Permanent School Fund Corp trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 20.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,983 shares of the specialty chemicals company’s stock after selling 9,759 shares during the quarter. Texas Permanent School Fund Corp’s holdings in PPG Industries were worth $4,908,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Financial Connections Group Inc. purchased a new position in shares of PPG Industries during the second quarter valued at $25,000. Private Wealth Management Group LLC purchased a new position in shares of PPG Industries during the fourth quarter valued at $27,000. LifeSteps Financial Inc. purchased a new position in shares of PPG Industries during the first quarter valued at $29,000. YHB Investment Advisors Inc. purchased a new position in shares of PPG Industries during the first quarter valued at $29,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of PPG Industries during the fourth quarter valued at $29,000. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Price Performance

Shares of NYSE PPG opened at $125.49 on Friday. 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 market cap of $29.43 billion, a PE ratio of 21.20, a P/E/G ratio of 1.68 and a beta of 1.26. The business has a 50-day simple moving average of $125.70 and a two-hundred day simple moving average of $131.40. 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 quarterly 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 business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company earned $2.25 earnings per share. As a group, equities analysts expect that PPG Industries, Inc. will post 8.25 EPS for the current fiscal year.

PPG Industries Increases Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PPG shares. Royal Bank of Canada cut their price target on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 23rd. KeyCorp cut their target price on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. BMO Capital Markets cut their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Bank of America cut their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Citigroup cut their target price on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, PPG Industries presently has an average rating of “Moderate Buy” and a consensus target price of $151.08.

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.