Bank of New York Mellon Corp Cuts Position in PPG Industries, Inc. (NYSE:PPG)

Bank of New York Mellon Corp trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 4.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,617,790 shares of the specialty chemicals company's stock after selling 80,676 shares during the period. Bank of New York Mellon Corp owned about 0.71% of PPG Industries worth $176,905,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Park Square Financial Group LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $26,000. CVA Family Office LLC boosted its holdings in PPG Industries by 70.6% in the first quarter. CVA Family Office LLC now owns 273 shares of the specialty chemicals company's stock valued at $30,000 after purchasing an additional 113 shares in the last quarter. Prudent Man Investment Management Inc. acquired a new position in PPG Industries in the fourth quarter valued at approximately $36,000. Beacon Capital Management LLC boosted its holdings in PPG Industries by 37.1% in the first quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock valued at $41,000 after purchasing an additional 101 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in PPG Industries in the fourth quarter valued at approximately $46,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Price Performance

Shares of NYSE PPG opened at $115.58 on Tuesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.35 and a quick ratio of 0.99. The stock has a fifty day moving average price of $111.70 and a 200 day moving average price of $112.16. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24. The company has a market cap of $26.24 billion, a PE ratio of 24.75, a P/E/G ratio of 2.48 and a beta of 1.16.

PPG Industries (NYSE:PPG - Get Free Report) last released its earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.10. PPG Industries had a return on equity of 24.84% and a net margin of 6.49%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter last year, the company earned $1.87 earnings per share. PPG Industries's quarterly revenue was down 4.3% compared to the same quarter last year. Sell-side analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Monday, May 12th were issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Monday, May 12th. PPG Industries's dividend payout ratio (DPR) is currently 58.24%.

Analyst Ratings Changes

A number of brokerages recently issued reports on PPG. Argus downgraded PPG Industries from a "buy" rating to a "hold" rating in a report on Monday, March 10th. UBS Group upped their price target on PPG Industries from $110.00 to $111.00 and gave the company a "neutral" rating in a report on Wednesday, April 30th. Citigroup increased their price objective on PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a report on Friday, June 13th. Bank of America reissued a "neutral" rating and issued a $126.00 price objective (down from $143.00) on shares of PPG Industries in a report on Tuesday, April 15th. Finally, Fermium Researc raised PPG Industries to a "strong-buy" rating in a report on Thursday, May 1st. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, PPG Industries has a consensus rating of "Moderate Buy" and a consensus price target of $130.67.

PPG Industries Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.