Cresset Asset Management LLC Reduces Holdings in PPG Industries, Inc. (NYSE:PPG)

Cresset Asset Management LLC lessened its holdings in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 21.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,266 shares of the specialty chemicals company's stock after selling 15,375 shares during the period. Cresset Asset Management LLC's holdings in PPG Industries were worth $6,602,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of PPG Industries by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company's stock worth $3,508,210,000 after purchasing an additional 756,937 shares during the period. Wellington Management Group LLP grew its position in PPG Industries by 17.7% during the fourth quarter. Wellington Management Group LLP now owns 10,567,051 shares of the specialty chemicals company's stock worth $1,262,234,000 after buying an additional 1,590,041 shares during the period. Geode Capital Management LLC increased its holdings in PPG Industries by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 5,546,472 shares of the specialty chemicals company's stock valued at $660,752,000 after buying an additional 93,455 shares in the last quarter. Invesco Ltd. lifted its position in shares of PPG Industries by 6.1% during the 4th quarter. Invesco Ltd. now owns 4,726,630 shares of the specialty chemicals company's stock valued at $564,596,000 after acquiring an additional 271,699 shares during the period. Finally, Kovitz Investment Group Partners LLC boosted its stake in shares of PPG Industries by 482.2% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,337,649 shares of the specialty chemicals company's stock worth $518,132,000 after acquiring an additional 3,592,655 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

PPG Industries Trading Up 0.7 %

PPG Industries stock traded up $0.71 during trading on Friday, hitting $109.32. The company's stock had a trading volume of 1,654,754 shares, compared to its average volume of 1,801,658. The stock's fifty day moving average is $106.58 and its 200 day moving average is $115.59. 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 1-year low of $90.24 and a 1-year high of $137.24. The stock has a market capitalization of $24.82 billion, a price-to-earnings ratio of 23.11, a P/E/G ratio of 2.19 and a beta of 1.20.

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

PPG Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Monday, May 12th will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Monday, May 12th. PPG Industries's payout ratio is currently 58.24%.

Insider Buying and Selling at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $118.35, for a total value of $568,080.00. Following the completion of the sale, the chief executive officer now owns 35,833 shares of the company's stock, valued at $4,240,835.55. This represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on the company. Wells Fargo & Company boosted their target price on PPG Industries from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Royal Bank of Canada boosted their price objective on shares of PPG Industries from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research report on Friday, May 2nd. Bank of America restated a "neutral" rating and set a $126.00 target price (down from $143.00) on shares of PPG Industries in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Finally, UBS Group raised their price objective on shares of PPG Industries from $110.00 to $111.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, PPG Industries currently has a consensus rating of "Moderate Buy" and a consensus price target of $128.83.

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.