Allspring Global Investments Holdings LLC Reduces Position in PPG Industries, Inc. (NYSE:PPG)

Allspring Global Investments Holdings LLC lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 24.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,954 shares of the specialty chemicals company’s stock after selling 4,823 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PPG Industries were worth $2,236,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wedmont Private Capital raised its position in shares of PPG Industries by 2.9% in the 4th quarter. Wedmont Private Capital now owns 2,464 shares of the specialty chemicals company’s stock worth $363,000 after purchasing an additional 70 shares during the last quarter. Barrett & Company Inc. raised its position in shares of PPG Industries by 10.6% in the 4th quarter. Barrett & Company Inc. now owns 763 shares of the specialty chemicals company’s stock worth $114,000 after purchasing an additional 73 shares during the last quarter. Colony Group LLC raised its position in shares of PPG Industries by 3.0% in the 2nd quarter. Colony Group LLC now owns 2,540 shares of the specialty chemicals company’s stock worth $377,000 after purchasing an additional 74 shares during the last quarter. CWA Asset Management Group LLC raised its position in shares of PPG Industries by 2.0% in the 3rd quarter. CWA Asset Management Group LLC now owns 4,052 shares of the specialty chemicals company’s stock worth $526,000 after purchasing an additional 78 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in PPG Industries by 0.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 12,009 shares of the specialty chemicals company’s stock worth $1,510,000 after buying an additional 79 shares during the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insider Activity at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

PPG Industries Trading Down 3.1 %

Shares of NYSE:PPG opened at $130.90 on Monday. The stock has a 50 day moving average of $140.36 and a 200 day moving average of $138.99. The company has a market cap of $30.81 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. PPG Industries, Inc. has a 12-month low of $120.32 and a 12-month high of $152.89.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.86. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.82 EPS. As a group, equities research analysts expect that PPG Industries, Inc. will post 8.46 EPS for the current year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.99%. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PPG shares. Vertical Research raised PPG Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, January 3rd. Barclays lowered PPG Industries from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $163.00 to $149.00 in a research report on Tuesday, February 27th. UBS Group decreased their target price on PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday. Royal Bank of Canada decreased their target price on PPG Industries from $158.00 to $156.00 and set a “sector perform” rating for the company in a research report on Monday, January 22nd. Finally, Citigroup decreased their target price on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $158.00.

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.