FineMark National Bank & Trust Sells 150 Shares of PPG Industries, Inc. (NYSE:PPG)

FineMark National Bank & Trust reduced its stake in PPG Industries, Inc. (NYSE:PPG – Free Report) by 2.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,546 shares of the specialty chemicals company’s stock after selling 150 shares during the quarter. FineMark National Bank & Trust’s holdings in PPG Industries were worth $824,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of PPG Industries by 17.2% in the first quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after buying an additional 4,222,402 shares during the last quarter. Norges Bank purchased a new position in PPG Industries in the 4th quarter valued at about $554,685,000. Putnam Investments LLC boosted its holdings in PPG Industries by 3.1% in the 4th quarter. Putnam Investments LLC now owns 2,659,974 shares of the specialty chemicals company’s stock worth $397,799,000 after purchasing an additional 81,200 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in PPG Industries by 37.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock worth $270,876,000 after acquiring an additional 496,998 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in PPG Industries by 30.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,768,094 shares of the specialty chemicals company’s stock worth $264,424,000 after acquiring an additional 417,145 shares during the last quarter. 81.86% of shares are owned by institutional investors.

Analysts set new price targets

A number of equities analysts recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. UBS Group boosted their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. KeyCorp cut their price target on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Citigroup cut their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, Bank of America cut their price target on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, 22nd July. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Moderate Buy” and an average price target of $151.08, according to MarketBeat.

Get the latest stock analysis on PPG Industries

PPG Industries trading down 1.1%

Shares of PPG Industries opened at $125.31 on Friday. The company has a market cap of $29.39 billion, a P/E ratio of 21.17, a P/E/G ratio of 1.75 and a beta of 1.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05, and a current ratio of 1.49. The company has a fifty day moving average of $125.63 and a 200 day moving average of $132.00. PPG Industries, Inc. it has a fifty-two week low of $118.07 and a fifty-two week high of $151.16.

PPG Industries (NYSE:PPG – Get Your Free Report ) last posted its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.02. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.93 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. PPG Industries’s quarterly revenue was down 1.6% compared to the same quarter last year. In the same quarter last year, the firm posted EPS of $2.25. On average, sell-side analysts anticipate that PPG Industries, Inc. will post 8.25 earnings per share for the current fiscal year.

PPG Industries Raises Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be issued a dividend of $0.68 per share. This represents an annualized dividend of $2.72 and a dividend yield of 2.17%. The ex-dividend date of this dividend is Monday, August 12. This is an increase from PPG Industries’ previous quarterly dividend of $0.65. PPG Industries’ dividend payout ratio is 45.95%.

About PPG Industries

(Free report)

PPG Industries, Inc manufactures and distributes paints, coatings and specialty materials in the United States, Canada, 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/fleet repair and reconditioning, light industrial coatings and specialty sign coatings; wood stains; paints, thermoplastics, pavement marking products and other advanced pavement marking technologies for government, commercial infrastructure, painting and maintenance contractors; and coatings, sealants, clear films, clear armors, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional, and general aviation aircraft.

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