New York State Teachers Retirement System Sells 6,033 Shares of PPG Industries, Inc. (NYSE:PPG)

Posted by Defense World Staff on Apr 12th, 2023

New York State Teachers Retirement System reduced its position in shares of PPG Industries, Inc. (NYSE:PPG – Get Rating) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 243,214 shares of the specialty chemicals company’s stock after selling 6,033 shares during the quarter. New York State Teachers Retirement System owned 0.10% of PPG Industries worth $30,582,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PPG. Riverview Trust Co grew its stake in shares of PPG Industries by 81.7% during the 4th quarter. Riverview Trust Co now owns 238 shares of the specialty chemicals company’s stock valued at $30,000 after acquiring an additional 107 shares during the period. Guardian Wealth Advisors LLC bought a new position in shares of PPG Industries during the 3rd quarter valued at approximately $27,000. Parkside Financial Bank & Trust grew its stake in shares of PPG Industries by 45.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after acquiring an additional 87 shares during the period. Achmea Investment Management B.V. bought a new position in shares of PPG Industries during the 1st quarter valued at approximately $40,000. Finally, Horan Securities Inc. bought a new position in shares of PPG Industries during the 4th quarter valued at approximately $41,000. 80.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PPG has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on PPG Industries from $116.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, January 23rd. UBS Group upped their price target on PPG Industries from $144.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, January 11th. BNP Paribas downgraded PPG Industries from an “outperform” rating to a “neutral” rating and set a $130.00 price target for the company. in a research note on Monday, January 23rd. Credit Suisse Group upped their price target on PPG Industries from $118.00 to $128.00 in a research note on Monday, April 3rd. Finally, StockNews.com assumed coverage on PPG Industries in a research note on Thursday, March 16th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $140.74.

PPG Industries Stock Performance

NYSE:PPG opened at $139.30 on Wednesday. The stock’s fifty day moving average is $130.42 and its 200 day moving average is $126.00. PPG Industries, Inc. has a fifty-two week low of $107.06 and a fifty-two week high of $141.26. The firm has a market capitalization of $32.79 billion, a PE ratio of 32.17, a PEG ratio of 2.89 and a beta of 1.17. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.04 and a current ratio of 1.52.

PPG Industries (NYSE:PPG – Get Rating) last released its quarterly earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.08. The company had revenue of $4.19 billion for the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a return on equity of 22.55% and a net margin of 5.81%. PPG Industries’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.26 EPS. On average, sell-side analysts anticipate that PPG Industries, Inc. will post 6.77 earnings per share for the current year.

PPG Industries Announces Dividend

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

Insider Buying and Selling at PPG Industries

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

PPG Industries Company Profile

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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.