Allegheny Financial Group Sells 2,838 Shares of PPG Industries, Inc. (NYSE:PPG)

Allegheny Financial Group trimmed its stake in PPG Industries, Inc. (NYSE:PPG - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,012 shares of the specialty chemicals company's stock after selling 2,838 shares during the quarter. PPG Industries makes up 2.2% of Allegheny Financial Group's holdings, making the stock its 12th biggest position. Allegheny Financial Group's holdings in PPG Industries were worth $8,363,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Norges Bank bought a new position in shares of PPG Industries in the fourth quarter worth $470,535,000. Kovitz Investment Group Partners LLC lifted its holdings in shares of PPG Industries by 482.2% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 4,337,649 shares of the specialty chemicals company's stock worth $518,132,000 after buying an additional 3,592,655 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in PPG Industries by 815.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,031,164 shares of the specialty chemicals company's stock valued at $362,074,000 after acquiring an additional 2,700,018 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in PPG Industries by 138.9% during the 4th quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company's stock worth $381,876,000 after acquiring an additional 1,858,895 shares during the period. Finally, Wellington Management Group LLP lifted its stake in PPG Industries by 17.7% in the 4th quarter. Wellington Management Group LLP now owns 10,567,051 shares of the specialty chemicals company's stock worth $1,262,234,000 after purchasing an additional 1,590,041 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on PPG Industries from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Seaport Res Ptn lowered PPG Industries from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 5th. Bank of America reiterated a "neutral" rating and set a $126.00 target price (down from $143.00) on shares of PPG Industries in a research report on Tuesday, April 15th. Royal Bank of Canada increased their price target on shares of PPG Industries from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Friday. Finally, Wells Fargo & Company lifted their price objective on shares of PPG Industries from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, PPG Industries has a consensus rating of "Moderate Buy" and a consensus price target of $128.83.

PPG Industries Stock Down 1.4 %

PPG traded down $1.53 on Tuesday, hitting $108.69. The company had a trading volume of 1,258,908 shares, compared to its average volume of 1,791,782. PPG Industries, Inc. has a 52-week low of $90.24 and a 52-week high of $137.24. The stock has a fifty day simple moving average of $106.87 and a 200-day simple moving average of $116.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The firm has a market capitalization of $24.67 billion, a P/E ratio of 22.98, a P/E/G ratio of 2.19 and a beta of 1.20.

PPG Industries (NYSE:PPG - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.10. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.67 billion. PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. The firm's quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.87 earnings per share. As a group, equities analysts expect that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Monday, May 12th will be given a $0.68 dividend. The ex-dividend date is Monday, May 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.50%. PPG Industries's dividend payout ratio is currently 58.24%.

Insider Buying and Selling

In related news, CEO Timothy M. Knavish sold 4,800 shares of the 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 sale, the chief executive officer now directly owns 35,833 shares of the company's stock, valued at approximately $4,240,835.55. This represents a 11.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by company insiders.

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.