PPG Industries, Inc. $PPG Shares Sold by Nan Fung Trinity HK Ltd.

Key Points

• Nan Fung Trinity HK cut its PPG stake by 82.1%, selling 1,826,216 shares in the third quarter and retaining 397,334 shares valued at about $41.5 million.
• PPG reported quarterly earnings of $2.25 per share, beating estimates of $2.12, while revenue rose 6.6% year over year to $4.35 billion.
• Analysts held a “Moderate Buy” consensus rating with an average price target of $128.29; the company also announced a quarterly dividend of $0.74 per share.

Nan Fung Trinity HK Ltd. lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 82.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 397,334 shares of the specialty chemicals company's stock after selling 1,826,216 shares during the quarter. PPG Industries accounts for about 4.0% of Nan Fung Trinity HK Ltd.'s holdings, making the stock its 4th biggest holding. Nan Fung Trinity HK Ltd. owned approximately 0.18% of PPG Industries worth $41,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in PPG. BlackRock Inc. acquired a new position in shares of PPG Industries in the 2nd quarter worth approximately $2,856,392,000. State Street Corp increased its holdings in PPG Industries by 8.8% in the 2nd quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company's stock valued at $1,682,428,000 after purchasing an additional 1,124,109 shares during the last quarter. Pzena Investment Management LLC acquired a new stake in PPG Industries in the 2nd quarter valued at approximately $946,964,000. Dimensional Fund Advisors LP raised its position in PPG Industries by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company's stock valued at $312,613,000 after purchasing an additional 58,411 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in PPG Industries in the second quarter valued at approximately $318,870,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Stock Performance

Shares of PPG stock opened at $122.38 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.71. PPG Industries, Inc. has a 52 week low of $93.39 and a 52 week high of $133.43. The stock has a market capitalization of $27.03 billion, a PE ratio of 17.48, a P/E/G ratio of 2.15 and a beta of 1.00. The firm has a 50 day moving average of $110.78 and a two-hundred day moving average of $113.07.

PPG Industries (NYSE:PPG - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, topping the consensus estimate of $2.12 by $0.13. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The business had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the previous year, the firm posted $2.13 earnings per share. The company's quarterly revenue was up 6.6% compared to the same quarter last year. On average, research analysts predict that PPG Industries, Inc. will post 7.98 EPS for the current fiscal year.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Tuesday, November 10th will be issued a $0.74 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $2.96 dividend on an annualized basis and a yield of 2.4%. PPG Industries's dividend payout ratio (DPR) is 42.29%.

Wall Street Analyst Weigh In

PPG has been the topic of a number of research reports. Barclays upped their price target on PPG Industries from $136.00 to $137.00 and gave the stock an "overweight" rating in a research note on Thursday, October 29th. Wells Fargo & Company lifted their price objective on PPG Industries from $130.00 to $135.00 and gave the company an "overweight" rating in a research note on Thursday, October 29th. The Goldman Sachs Group reiterated a "buy" rating and issued a $128.00 price objective on shares of PPG Industries in a report on Friday, October 9th. Weiss Ratings reiterated a "hold (c)" rating on shares of PPG Industries in a report on Monday, September 14th. Finally, JPMorgan Chase & Co. increased their target price on PPG Industries from $125.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, October 29th. Nine investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $128.29.

Insider Buying and Selling

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

PPG Industries Company Profile

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.

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