Bank of America Corp DE Sells 474,321 Shares of PPG Industries, Inc. (NYSE:PPG)

Bank of America Corp DE cut its stake in PPG Industries, Inc. (NYSE:PPG - Free Report) by 17.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,207,033 shares of the specialty chemicals company's stock after selling 474,321 shares during the period. Bank of America Corp DE owned about 0.95% of PPG Industries worth $263,630,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PPG. Mutual Advisors LLC increased its stake in PPG Industries by 3.6% in the fourth quarter. Mutual Advisors LLC now owns 2,666 shares of the specialty chemicals company's stock valued at $319,000 after purchasing an additional 92 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its position in PPG Industries by 28.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 431 shares of the specialty chemicals company's stock valued at $51,000 after purchasing an additional 95 shares during the period. Kingsview Wealth Management LLC increased its stake in PPG Industries by 1.3% during the 4th quarter. Kingsview Wealth Management LLC now owns 8,288 shares of the specialty chemicals company's stock valued at $990,000 after purchasing an additional 103 shares in the last quarter. Sachetta LLC lifted its stake in shares of PPG Industries by 18.4% in the fourth quarter. Sachetta LLC now owns 675 shares of the specialty chemicals company's stock valued at $81,000 after buying an additional 105 shares in the last quarter. Finally, Savant Capital LLC raised its holdings in shares of PPG Industries by 0.9% in the 4th quarter. Savant Capital LLC now owns 11,779 shares of the specialty chemicals company's stock worth $1,407,000 after acquiring an additional 107 shares during the last quarter. Institutional investors and hedge funds own 81.86% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PPG. StockNews.com lowered PPG Industries from a "buy" rating to a "hold" rating in a report on Monday, February 3rd. Seaport Res Ptn lowered PPG Industries from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 5th. The Goldman Sachs Group cut their price objective on shares of PPG Industries from $153.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, February 6th. Citigroup dropped their price target on shares of PPG Industries from $135.00 to $113.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $128.42.

Insider Activity at PPG Industries

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of the business's stock in a transaction on 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 owns 35,833 shares of the company's stock, 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 through this link. 0.33% of the stock is currently owned by corporate insiders.

PPG Industries Stock Performance

NYSE PPG traded up $5.51 on Monday, hitting $114.27. 1,095,232 shares of the stock traded hands, compared to its average volume of 1,799,019. The firm has a market capitalization of $25.94 billion, a price-to-earnings ratio of 24.15, a PEG ratio of 2.19 and a beta of 1.20. The business's fifty day moving average is $106.58 and its two-hundred day moving average is $115.51. 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 12 month low of $90.24 and a 12 month high of $137.24.

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

PPG Industries Announces Dividend

The firm 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. This represents a $2.72 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Monday, May 12th. PPG Industries's dividend payout ratio (DPR) is currently 58.24%.

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.