Whittier Trust Co. Grows Position in PPG Industries, Inc. (NYSE:PPG)

Posted by Defense World Staff on Apr 6th, 2023

Whittier Trust Co. boosted its stake in shares of PPG Industries, Inc. (NYSE:PPG – Get Rating) by 5.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,638 shares of the specialty chemicals company’s stock after purchasing an additional 677 shares during the period. Whittier Trust Co.’s holdings in PPG Industries were worth $1,715,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in PPG Industries by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 20,472,227 shares of the specialty chemicals company’s stock worth $2,266,070,000 after purchasing an additional 68,359 shares during the last quarter. State Street Corp boosted its holdings in shares of PPG Industries by 2.5% in the 2nd quarter. State Street Corp now owns 11,682,267 shares of the specialty chemicals company’s stock valued at $1,335,750,000 after acquiring an additional 285,651 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of PPG Industries by 2.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,193,621 shares of the specialty chemicals company’s stock valued at $418,589,000 after acquiring an additional 65,996 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of PPG Industries by 0.7% in the 3rd quarter. Nuveen Asset Management LLC now owns 2,993,417 shares of the specialty chemicals company’s stock valued at $331,341,000 after acquiring an additional 19,746 shares during the last quarter. Finally, Putnam Investments LLC boosted its holdings in shares of PPG Industries by 33.8% in the 3rd quarter. Putnam Investments LLC now owns 2,533,859 shares of the specialty chemicals company’s stock valued at $280,473,000 after acquiring an additional 639,404 shares during the last quarter. Hedge funds and other institutional investors own 80.04% of the company’s stock.

Insider Transactions at PPG Industries

In related news, VP Anne M. Foulkes sold 21,757 shares of the firm’s stock in a transaction that occurred on Tuesday, January 24th. The shares were sold at an average price of $128.33, for a total value of $2,792,075.81. Following the sale, the vice president now owns 10,577 shares of the company’s stock, valued at $1,357,346.41. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman Michael H. Mcgarry sold 61,867 shares of the company’s stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $129.96, for a total transaction of $8,040,235.32. Following the completion of the transaction, the chairman now directly owns 183,645 shares of the company’s stock, valued at approximately $23,866,504.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Anne M. Foulkes sold 21,757 shares of the stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $128.33, for a total value of $2,792,075.81. Following the completion of the transaction, the vice president now owns 10,577 shares in the company, valued at approximately $1,357,346.41. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

PPG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of PPG Industries from $116.00 to $130.00 and gave the stock a “neutral” rating in a research report on Monday, January 23rd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of PPG Industries from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday. Vertical Research cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 23rd. Wells Fargo & Company upped their price objective on shares of PPG Industries from $124.00 to $143.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Royal Bank of Canada upped their price objective on shares of PPG Industries from $133.00 to $143.00 and gave the stock a “sector perform” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $139.95.

PPG Industries Trading Up 0.5 %

Shares of PPG stock opened at $138.95 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.52 and a quick ratio of 1.04. The firm has a market cap of $32.70 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 3.05 and a beta of 1.17. The company has a 50-day moving average of $129.60 and a two-hundred day moving average of $125.26. PPG Industries, Inc. has a 1-year low of $107.06 and a 1-year high of $140.22.

PPG Industries (NYSE:PPG – Get Rating) last announced its earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.08. The company had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a net margin of 5.81% and a return on equity of 22.55%. PPG Industries’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.26 earnings per share. On average, analysts predict that PPG Industries, Inc. will post 6.49 EPS for the current year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 17th were given a dividend of $0.62 per share. The ex-dividend date was Thursday, February 16th. This represents a $2.48 annualized dividend and a dividend yield of 1.78%. PPG Industries’s dividend payout ratio is presently 57.27%.

About PPG Industries

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PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor.