Mackay Shields LLC Has $6.32 Million Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

Mackay Shields LLC trimmed its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 5.3% in the third quarter, Holdings Channel.com reports. The fund owned 53,331 shares of the specialty chemicals company’s stock after selling 2,982 shares during the quarter. Mackay Shields LLC’s holdings in PPG Industries were worth $6,320,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. National Pension Service raised its position in shares of PPG Industries by 14.2% during the second quarter. National Pension Service now owns 343,543 shares of the specialty chemicals company’s stock worth $40,095,000 after acquiring an additional 42,696 shares during the last quarter. Comerica Bank raised its position in shares of PPG Industries by 1.3% during the second quarter. Comerica Bank now owns 106,722 shares of the specialty chemicals company’s stock worth $12,445,000 after acquiring an additional 1,350 shares during the last quarter. BB&T Corp raised its position in shares of PPG Industries by 4.5% during the second quarter. BB&T Corp now owns 36,179 shares of the specialty chemicals company’s stock worth $4,223,000 after acquiring an additional 1,571 shares during the last quarter. Trexquant Investment LP bought a new position in shares of PPG Industries during the second quarter worth about $2,101,000. Finally, Brinker Capital Inc. raised its position in shares of PPG Industries by 7.9% during the third quarter. Brinker Capital Inc. now owns 22,729 shares of the specialty chemicals company’s stock worth $2,694,000 after acquiring an additional 1,657 shares during the last quarter. Institutional investors own 77.25% of the company’s stock.

PPG has been the subject of a number of analyst reports. Royal Bank of Canada set a $132.00 price objective on PPG Industries and gave the stock a “buy” rating in a research report on Friday, October 18th. Berenberg Bank initiated coverage on PPG Industries in a research report on Wednesday. They set a “buy” rating and a $150.00 price objective for the company. Wells Fargo & Co initiated coverage on PPG Industries in a research report on Tuesday, October 15th. They set an “outperform” rating and a $140.00 price objective for the company. SunTrust Banks restated a “hold” rating and set a $123.00 price objective on shares of PPG Industries in a research report on Friday, July 19th. They noted that the move was a valuation call. Finally, Buckingham Research lifted their target price on PPG Industries from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $128.44.

In other news, CEO Michael H. Mcgarry sold 30,450 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $130.00, for a total transaction of $3,958,500.00. Following the completion of the sale, the chief executive officer now owns 149,884 shares in the company, valued at $19,484,920. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael H. Mcgarry sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $120.00, for a total value of $1,440,000.00. Following the sale, the chief executive officer now owns 131,434 shares of the company’s stock, valued at approximately $15,772,080. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,366 shares of company stock valued at $6,888,000. 0.37% of the stock is currently owned by corporate insiders.

PPG stock traded down $0.40 during mid-day trading on Friday, reaching $128.92. The company’s stock had a trading volume of 855,834 shares, compared to its average volume of 1,241,582. The company has a market cap of $30.68 billion, a price-to-earnings ratio of 21.78, a price-to-earnings-growth ratio of 2.21 and a beta of 1.24. The business’s 50 day moving average price is $121.01 and its 200 day moving average price is $115.87. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 1.02. PPG Industries, Inc. has a 12 month low of $94.41 and a 12 month high of $130.42.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, October 17th. The specialty chemicals company reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.06. The business had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.89 billion. PPG Industries had a return on equity of 28.36% and a net margin of 8.00%. The firm’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the company posted $1.45 earnings per share. As a group, equities analysts expect that PPG Industries, Inc. will post 6.25 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.04 dividend on an annualized basis and a yield of 1.58%. PPG Industries’s payout ratio is currently 34.46%.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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