DAVENPORT & Co LLC Trims Stake in PPG Industries, Inc. (NYSE:PPG)

DAVENPORT & Co LLC reduced its position in shares of PPG Industries, Inc. (NYSE:PPG) by 76.1% in the fourth quarter, Holdings Channel reports. The firm owned 5,808 shares of the specialty chemicals company’s stock after selling 18,530 shares during the period. DAVENPORT & Co LLC’s holdings in PPG Industries were worth $694,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PPG. Park Avenue Securities LLC grew its position in shares of PPG Industries by 21.0% during the 3rd quarter. Park Avenue Securities LLC now owns 2,129 shares of the specialty chemicals company’s stock valued at $282,000 after purchasing an additional 369 shares in the last quarter. Czech National Bank grew its position in shares of PPG Industries by 6.0% during the 3rd quarter. Czech National Bank now owns 47,525 shares of the specialty chemicals company’s stock valued at $6,295,000 after purchasing an additional 2,674 shares in the last quarter. CWM LLC grew its position in shares of PPG Industries by 24.7% during the 3rd quarter. CWM LLC now owns 11,886 shares of the specialty chemicals company’s stock valued at $1,574,000 after purchasing an additional 2,351 shares in the last quarter. USA Financial Formulas purchased a new position in shares of PPG Industries during the 3rd quarter valued at $76,000. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its position in shares of PPG Industries by 237.4% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,498 shares of the specialty chemicals company’s stock valued at $198,000 after purchasing an additional 1,054 shares in the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. StockNews.com lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, February 3rd. The Goldman Sachs Group cut their target price on shares of PPG Industries from $153.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday. Wells Fargo & Company cut their target price on shares of PPG Industries from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Royal Bank of Canada cut their target price on shares of PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, PPG Industries has a consensus rating of “Moderate Buy” and an average target price of $140.46.

PPG Industries Stock Performance

PPG Industries stock opened at $114.87 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $26.65 billion, a PE ratio of 24.29, a P/E/G ratio of 1.99 and a beta of 1.23. The firm has a fifty day simple moving average of $120.22 and a two-hundred day simple moving average of $123.94. PPG Industries, Inc. has a twelve month low of $110.20 and a twelve month high of $145.60.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS 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%. Research analysts expect that PPG Industries, Inc. will post 7.9 EPS for the current year.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Friday, February 21st. PPG Industries’s dividend payout ratio (DPR) is 57.51%.

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.