PPG Industries, Inc. (NYSE:PPG) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 77.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,524 shares of the specialty chemicals company's stock after selling 53,357 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in PPG Industries were worth $1,698,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jmac Enterprises LLC raised its holdings in PPG Industries by 54.5% during the first quarter. Jmac Enterprises LLC now owns 6,800 shares of the specialty chemicals company's stock worth $744,000 after purchasing an additional 2,400 shares during the last quarter. Avantra Family Wealth Inc. purchased a new position in PPG Industries during the first quarter worth $390,000. Kentucky Retirement Systems Insurance Trust Fund increased its position in PPG Industries by 33.7% during the first quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 6,723 shares of the specialty chemicals company's stock worth $735,000 after buying an additional 1,694 shares in the last quarter. Guyasuta Investment Advisors Inc. increased its position in PPG Industries by 4.6% during the first quarter. Guyasuta Investment Advisors Inc. now owns 51,777 shares of the specialty chemicals company's stock worth $5,662,000 after buying an additional 2,257 shares in the last quarter. Finally, North Point Portfolio Managers Corp OH purchased a new position in PPG Industries during the first quarter worth $284,000. 81.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Bank of America reissued a "neutral" rating and set a $126.00 price target (down previously from $143.00) on shares of PPG Industries in a research report on Tuesday, April 15th. Fermium Researc raised PPG Industries to a "strong-buy" rating in a research report on Thursday, May 1st. Seaport Res Ptn downgraded PPG Industries from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft raised their price target on PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, JPMorgan Chase & Co. dropped their price target on PPG Industries from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $129.83.

PPG Industries Price Performance

Shares of PPG Industries stock opened at $114.20 on Friday. PPG Industries, Inc. has a twelve month low of $90.24 and a twelve month high of $137.24. The stock has a market capitalization of $25.92 billion, a P/E ratio of 24.45, a PEG ratio of 2.38 and a beta of 1.17. The company has a current ratio of 1.35, a quick ratio of 0.99 and a debt-to-equity ratio of 0.79. The business's fifty day moving average price is $109.94 and its 200 day moving average price is $112.51.

PPG Industries (NYSE:PPG - Get Free Report) last issued its earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share 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 firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.67 billion. During the same quarter last year, the firm earned $1.87 earnings per share. The firm's revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, research analysts anticipate that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors 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 2.38%. The ex-dividend date of this dividend was Monday, May 12th. PPG Industries's payout ratio is currently 58.24%.

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.

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