Patten & Patten Inc. TN Sells 168 Shares of PPG Industries, Inc. (NYSE:PPG)

Patten & Patten Inc. TN decreased its position in PPG Industries, Inc. (NYSE:PPG) by 8.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,754 shares of the specialty chemicals company’s stock after selling 168 shares during the quarter. Patten & Patten Inc. TN’s holdings in PPG Industries were worth $210,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. First Eagle Investment Management LLC lifted its stake in PPG Industries by 138.9% during the 4th quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company’s stock valued at $381,876,000 after acquiring an additional 1,858,895 shares during the period. Cooke & Bieler LP bought a new position in PPG Industries during the 4th quarter valued at about $107,850,000. Raymond James Financial Inc. bought a new position in PPG Industries during the 4th quarter valued at about $82,071,000. State Street Corp lifted its stake in PPG Industries by 4.4% during the 3rd quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock valued at $1,552,100,000 after acquiring an additional 491,774 shares during the period. Finally, Wellington Management Group LLP lifted its stake in PPG Industries by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock valued at $1,189,095,000 after acquiring an additional 485,597 shares during the period. Institutional investors own 81.86% of the company’s stock.

Analyst Ratings Changes

PPG has been the topic of several research analyst reports. The Goldman Sachs Group lowered their target price on shares of PPG Industries from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. cut shares of PPG Industries from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $145.00 to $115.00 in a research note on Wednesday, February 12th. Barclays reiterated an “equal weight” rating on shares of PPG Industries in a research note on Monday, February 3rd. StockNews.com cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Citigroup lowered their price objective on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, December 18th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, PPG Industries has an average rating of “Hold” and a consensus target price of $138.15.

PPG Industries Price Performance

NYSE PPG opened at $113.85 on Tuesday. PPG Industries, Inc. has a 12 month low of $109.15 and a 12 month high of $145.61. The stock has a market cap of $25.84 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 2.19 and a beta of 1.22. The company’s 50 day moving average is $116.33 and its two-hundred day moving average is $122.16. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. As a group, research analysts anticipate that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Friday, February 21st. PPG Industries’s payout ratio is currently 57.51%.

Insider Activity

In other news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the sale, the chief executive officer now owns 35,833 shares in the company, valued at $4,240,835.55. This trade represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.33% of the company’s stock.

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.