33,800 PPG Industries, Inc. $PPG Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management trimmed its PPG stake by 33,800 shares, or 0.4%, in the third quarter, but still held 7.77 million shares worth about $811 million.
• PPG reported quarterly EPS of $2.25, beating the $2.12 analyst consensus, while revenue of $4.35 billion exceeded estimates and rose 6.6% year over year.
• PPG declared a quarterly dividend of $0.74 per share, equivalent to an annualized yield of about 2.3%. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $128.29.

Pzena Investment Management LLC lowered its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 0.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,773,638 shares of the specialty chemicals company's stock after selling 33,800 shares during the period. PPG Industries makes up approximately 2.4% of Pzena Investment Management LLC's investment portfolio, making the stock its 17th largest holding. Pzena Investment Management LLC owned 3.50% of PPG Industries worth $811,024,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. acquired a new stake in PPG Industries during the 2nd quarter valued at approximately $26,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of PPG Industries in the 2nd quarter valued at $28,000. Community Bank N.A. acquired a new stake in shares of PPG Industries in the second quarter worth $28,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of PPG Industries in the second quarter worth $29,000. Finally, Silvant Capital Management LLC acquired a new stake in shares of PPG Industries in the second quarter worth $30,000. Institutional investors and hedge funds own 81.86% of the company's stock.

PPG Industries Price Performance

NYSE:PPG opened at $127.42 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15. The firm has a market cap of $28.15 billion, a price-to-earnings ratio of 18.20, a price-to-earnings-growth ratio of 2.09 and a beta of 1.00. The company has a 50 day moving average price of $109.43 and a 200-day moving average price of $112.71. PPG Industries, Inc. has a 1-year low of $93.39 and a 1-year high of $133.43.

PPG Industries (NYSE:PPG - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.13. The firm had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.28 billion. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.13 earnings per share. Equities research analysts forecast that PPG Industries, Inc. will post 7.98 EPS for the current year.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be given a $0.74 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.3%. PPG Industries's dividend payout ratio is 42.29%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PPG shares. Wall Street Zen downgraded shares of PPG Industries from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Wells Fargo & Company increased their price target on PPG Industries from $130.00 to $135.00 and gave the stock an "overweight" rating in a research report on Thursday, October 29th. KeyCorp increased their price target on PPG Industries from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, October 29th. Bank of America upgraded PPG Industries from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $127.00 to $134.00 in a research note on Friday, July 17th. Finally, Citigroup boosted their price objective on PPG Industries from $118.00 to $130.00 and gave the company a "neutral" rating in a report on Thursday, October 29th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, PPG Industries has an average rating of "Moderate Buy" and a consensus target price of $128.29.

PPG Industries Profile

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.

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