PPG Industries, Inc. (NYSE:PPG) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in PPG Industries by 8.2%, owning 941,926 shares valued at approximately $103 million after selling 83,694 shares in the first quarter.
• PPG Industries plans to pay a quarterly dividend of $0.71 per share on September 12th, an increase from the previous dividend of $0.68, reflecting a yield of 2.7%.
• Recent earnings results showed PPG Industries reported $2.22 earnings per share for the quarter, meeting expectations, with a year-over-year revenue decrease of 0.9% to $4.20 billion.

PNC Financial Services Group Inc. lowered its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 8.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 941,926 shares of the specialty chemicals company's stock after selling 83,694 shares during the quarter. PNC Financial Services Group Inc. owned 0.41% of PPG Industries worth $103,000,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new position in PPG Industries in the 4th quarter worth $26,000. CVA Family Office LLC increased its position in shares of PPG Industries by 70.6% during the first quarter. CVA Family Office LLC now owns 273 shares of the specialty chemicals company's stock worth $30,000 after acquiring an additional 113 shares during the last quarter. Beacon Capital Management LLC increased its position in shares of PPG Industries by 37.1% during the first quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock worth $41,000 after acquiring an additional 101 shares during the last quarter. Cromwell Holdings LLC lifted its stake in shares of PPG Industries by 88.0% in the first quarter. Cromwell Holdings LLC now owns 393 shares of the specialty chemicals company's stock worth $43,000 after acquiring an additional 184 shares in the last quarter. Finally, CX Institutional purchased a new position in PPG Industries in the first quarter valued at about $44,000. Institutional investors and hedge funds own 81.86% of the company's stock.

PPG Industries Price Performance

NYSE PPG opened at $104.40 on Friday. The stock has a market capitalization of $23.56 billion, a PE ratio of 23.67, a P/E/G ratio of 2.18 and a beta of 1.17. The stock has a 50-day simple moving average of $113.06 and a 200 day simple moving average of $111.75. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.99 and a current ratio of 1.42. PPG Industries, Inc. has a twelve month low of $90.24 and a twelve month high of $137.24.

PPG Industries (NYSE:PPG - Get Free Report) last released its earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. The business had revenue of $4.20 billion during the quarter, compared to analysts' expectations of $4.16 billion. During the same quarter last year, the company earned $2.50 earnings per share. The firm's revenue was down .9% on a year-over-year basis. Research analysts anticipate that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 11th will be paid a dividend of $0.71 per share. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. This represents a $2.84 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, August 11th. PPG Industries's payout ratio is currently 61.68%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PPG shares. Bank of America restated a "neutral" rating and set a $126.00 price objective (down from $143.00) on shares of PPG Industries in a research note on Tuesday, April 15th. Citigroup boosted their price objective on shares of PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, June 13th. JPMorgan Chase & Co. cut their target price on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Deutsche Bank Aktiengesellschaft upped their target price on PPG Industries from $125.00 to $140.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Fermium Researc raised PPG Industries to a "strong-buy" rating in a report on Thursday, May 1st. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $129.82.

PPG Industries 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.

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