Jennison Associates LLC Sells 868 Shares of PPG Industries, Inc. (NYSE:PPG)

Jennison Associates LLC lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 16.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,397 shares of the specialty chemicals company’s stock after selling 868 shares during the quarter. Jennison Associates LLC’s holdings in PPG Industries were worth $582,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in PPG. Shell Asset Management Co. bought a new stake in shares of PPG Industries during the 1st quarter worth about $364,000. LRI Investments LLC bought a new stake in PPG Industries during the 1st quarter valued at approximately $53,000. Price T Rowe Associates Inc. MD boosted its stake in PPG Industries by 0.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 474,053 shares of the specialty chemicals company’s stock valued at $68,692,000 after purchasing an additional 3,448 shares during the period. Silvercrest Asset Management Group LLC boosted its stake in PPG Industries by 0.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 27,878 shares of the specialty chemicals company’s stock valued at $4,040,000 after purchasing an additional 171 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in PPG Industries by 29.7% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,054 shares of the specialty chemicals company’s stock valued at $732,000 after purchasing an additional 1,158 shares during the period. Institutional investors own 81.86% of the company’s stock.

Wall Street Analyst Weigh In

PPG has been the subject of several recent analyst reports. Mizuho decreased their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Royal Bank of Canada decreased their target price on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 22nd. StockNews.com raised PPG Industries from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 19th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price target (down previously from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Finally, JPMorgan Chase & Co. cut their price target on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, October 18th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.93.

Insider Buying and Selling

In related news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the sale, the vice president now directly owns 13,454 shares in the company, valued at $1,692,513.20. This represents a 12.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is owned by corporate insiders.

PPG Industries Trading Down 0.0 %

Shares of PPG opened at $122.65 on Monday. PPG Industries, Inc. has a 1 year low of $118.07 and a 1 year high of $151.16. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The stock has a 50 day simple moving average of $127.00 and a 200-day simple moving average of $127.40. The stock has a market cap of $28.45 billion, a PE ratio of 19.44, a PEG ratio of 1.88 and a beta of 1.26.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The business had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.66 billion. PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The firm’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the company earned $2.07 earnings per share. On average, sell-side analysts predict that PPG Industries, Inc. will post 8.18 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be given a dividend of $0.68 per share. The ex-dividend date is Tuesday, November 12th. This represents a $2.72 dividend on an annualized basis and a yield of 2.22%. PPG Industries’s dividend payout ratio (DPR) is presently 43.11%.

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.