Truist Financial Corp Reduces Position in PPG Industries, Inc. (NYSE:PPG)

Truist Financial Corp lessened its position in shares of PPG Industries, Inc. (NYSE:PPG) by 1.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 79,784 shares of the specialty chemicals company’s stock after selling 1,052 shares during the quarter. Truist Financial Corp’s holdings in PPG Industries were worth $11,932,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC purchased a new position in PPG Industries during the 4th quarter worth approximately $26,000. SJS Investment Consulting Inc. lifted its position in PPG Industries by 588.5% during the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 153 shares during the period. CVA Family Office LLC acquired a new stake in PPG Industries during the 4th quarter worth approximately $28,000. Financial Connections Group Inc. acquired a new stake in PPG Industries during the 4th quarter worth approximately $30,000. Finally, OFI Invest Asset Management acquired a new stake in PPG Industries during the 3rd quarter worth approximately $25,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PPG. Bank of America lowered their target price on shares of PPG Industries from $167.00 to $164.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. KeyCorp dropped their price target on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday, April 22nd. UBS Group dropped their price target on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Redburn Atlantic lowered shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price target on the stock. in a research note on Thursday, February 1st. Finally, Robert W. Baird reiterated an “outperform” rating and set a $150.00 price target on shares of PPG Industries in a research note on Friday, January 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $155.47.

Insider Buying and Selling at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction 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 sale, the chief financial officer now owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.55% of the stock is currently owned by insiders.

PPG Industries Stock Up 1.5 %

Shares of NYSE:PPG opened at $130.98 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $30.71 billion, a P/E ratio of 22.13, a P/E/G ratio of 1.60 and a beta of 1.30. PPG Industries, Inc. has a 52-week low of $120.32 and a 52-week high of $152.89. The stock’s fifty day simple moving average is $138.61 and its 200-day simple moving average is $138.91.

PPG Industries (NYSE:PPG) last released its earnings results 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 for the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.82 EPS. As a group, equities research analysts forecast that PPG Industries, Inc. will post 8.45 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

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

PPG Industries declared that its board has approved a share buyback plan on Thursday, April 18th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.