Beutel Goodman & Co Ltd. Sells 221,485 Shares of PPG Industries, Inc. $PPG

Key Points

• Beutel Goodman cut its PPG Industries stake by 6.9%, selling 221,485 shares in the third quarter; it retained 3,005,809 shares worth about $313.6 million.
• PPG reported quarterly EPS of $2.25, beating the $2.12 consensus, while revenue of $4.35 billion also topped expectations and rose 6.6% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $128.29. PPG also declared a quarterly dividend of $0.74 per share, equivalent to a 2.4% yield at the article’s stated share price.

Beutel Goodman & Co Ltd. cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 6.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,005,809 shares of the specialty chemicals company's stock after selling 221,485 shares during the quarter. PPG Industries makes up about 2.5% of Beutel Goodman & Co Ltd.'s investment portfolio, making the stock its 8th biggest position. Beutel Goodman & Co Ltd. owned about 1.36% of PPG Industries worth $313,596,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of Nova Scotia purchased a new position in PPG Industries in the 2nd quarter worth approximately $2,850,000. Legal & General Group Plc bought a new position in PPG Industries in the 2nd quarter worth approximately $169,096,000. Bank of America Corp DE bought a new position in PPG Industries in the 2nd quarter worth approximately $278,965,000. Glenview Trust Co bought a new position in PPG Industries in the 2nd quarter worth approximately $1,931,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in PPG Industries by 38.8% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 46,861 shares of the specialty chemicals company's stock valued at $5,684,000 after buying an additional 13,101 shares in the last quarter. 81.86% of the stock is owned by institutional investors.

PPG Industries Stock Performance

NYSE PPG opened at $125.19 on Tuesday. The stock has a market capitalization of $27.66 billion, a PE ratio of 16.27, a P/E/G ratio of 2.19 and a beta of 1.00. The business has a 50 day simple moving average of $110.02 and a two-hundred day simple moving average of $112.91. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15. 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 issued its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.13. The business had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.28 billion. PPG Industries had a return on equity of 20.90% and a net margin of 9.41%. The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.13 EPS. On average, research analysts predict that PPG Industries, Inc. will post 7.98 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 10th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, November 10th. PPG Industries's payout ratio is currently 42.29%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of PPG Industries from $130.00 to $135.00 and gave the company an "overweight" rating in a research report on Thursday, October 29th. Sanford C. Bernstein restated an "outperform" rating and set a $137.00 target price on shares of PPG Industries in a research report on Thursday, October 29th. UBS Group raised their target price on shares of PPG Industries from $116.00 to $123.00 and gave the company a "neutral" rating in a research note on Thursday, October 29th. Citigroup lifted their price target on shares of PPG Industries from $118.00 to $130.00 and gave the company a "neutral" rating in a report on Thursday, October 29th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of PPG Industries in a research note on Monday, September 14th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, PPG Industries presently has a consensus rating of "Moderate Buy" and a consensus price target of $128.29.

Insiders Place Their Bets

In related news, VP Chancey Hagerty sold 2,500 shares of the business's stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $127.14, for a total value of $317,850.00. Following the sale, the vice president owned 9,761 shares in the company, valued at approximately $1,241,013.54. The trade was a 20.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company's stock.

About PPG Industries

PPG Industries, Inc is a global supplier of paints, coatings and specialty materials. Founded in 1883 as Pittsburgh Plate Glass, the company has expanded beyond its original glass business and is headquartered in Pittsburgh, Pennsylvania.

PPG's products include architectural paints and coatings, automotive finishes, aerospace coatings, protective and marine coatings, and coatings for industrial and packaging applications. Its specialty materials support uses in areas such as construction, transportation and manufacturing.

The company serves customers in markets around the world, including through operations in the Americas, Europe, the Middle East, Africa and Asia Pacific.

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