HighTower Advisors LLC Sells 13,314 Shares of PPG Industries, Inc. $PPG

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

HighTower Advisors LLC trimmed its holdings in PPG Industries, Inc. (NYSE:PPG - Free Report) by 16.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,080 shares of the specialty chemicals company's stock after selling 13,314 shares during the quarter. HighTower Advisors LLC's holdings in PPG Industries were worth $7,445,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. raised its holdings in shares of PPG Industries by 0.7% in the first quarter. Envestnet Asset Management Inc. now owns 249,755 shares of the specialty chemicals company's stock valued at $27,311,000 after buying an additional 1,697 shares during the last quarter. Clear Creek Financial Management LLC bought a new position in shares of PPG Industries in the first quarter valued at about $240,000. Principal Financial Group Inc. raised its holdings in shares of PPG Industries by 4.4% in the first quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock valued at $33,129,000 after buying an additional 12,650 shares during the last quarter. Meridian Wealth Management LLC raised its holdings in shares of PPG Industries by 311.2% in the first quarter. Meridian Wealth Management LLC now owns 7,665 shares of the specialty chemicals company's stock valued at $838,000 after buying an additional 5,801 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in shares of PPG Industries by 966.3% in the first quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock valued at $97,000 after buying an additional 802 shares during the last quarter. 81.86% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on PPG. Mizuho lifted their price target on PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Royal Bank Of Canada boosted their price objective on PPG Industries from $115.00 to $117.00 and gave the stock a "sector perform" rating in a report on Friday, August 1st. Citigroup boosted their price objective on PPG Industries from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, UBS Group boosted their price objective on PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $129.82.

PPG Industries Stock Down 0.7%

PPG opened at $111.04 on Tuesday. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24. The stock's fifty day simple moving average is $112.39 and its 200 day simple moving average is $110.66. The company has a current ratio of 1.42, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. The stock has a market cap of $25.06 billion, a PE ratio of 25.18, a price-to-earnings-growth ratio of 2.31 and a beta of 1.17.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The specialty chemicals company reported $2.22 EPS for the quarter, meeting analysts' consensus estimates of $2.22. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%. The firm had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. During the same period in the prior year, the firm posted $2.50 EPS. The company's revenue for the quarter was down .9% on a year-over-year basis. As a group, research analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 11th will be issued a dividend of $0.71 per share. This is an increase from PPG Industries's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Monday, August 11th. This represents a $2.84 annualized dividend and a dividend yield of 2.6%. PPG Industries's payout ratio is currently 64.40%.

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.

Want to see what other hedge funds are holding PPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PPG Industries, Inc. (NYSE:PPG - Free Report).

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.