Cigna Investments Inc. New Lowers Position in PPG Industries, Inc. (NYSE:PPG)

Cigna Investments Inc. New trimmed its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 3.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,367 shares of the specialty chemicals company’s stock after selling 92 shares during the period. Cigna Investments Inc. New’s holdings in PPG Industries were worth $313,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norden Group LLC bought a new stake in shares of PPG Industries in the first quarter worth about $252,000. Private Advisor Group LLC raised its holdings in shares of PPG Industries by 4.0% during the 1st quarter. Private Advisor Group LLC now owns 10,463 shares of the specialty chemicals company’s stock worth $1,516,000 after acquiring an additional 407 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of PPG Industries by 34.2% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,772 shares of the specialty chemicals company’s stock valued at $1,996,000 after acquiring an additional 3,510 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of PPG Industries in the first quarter valued at $132,000. Finally, Nordea Investment Management AB grew its holdings in shares of PPG Industries by 4.0% in the first quarter. Nordea Investment Management AB now owns 18,166 shares of the specialty chemicals company’s stock valued at $2,632,000 after purchasing an additional 707 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Trading Down 0.1 %

NYSE PPG opened at $124.41 on Friday. The stock has a market cap of $28.86 billion, a PE ratio of 19.72, a PEG ratio of 1.92 and a beta of 1.26. PPG Industries, Inc. has a 12 month low of $118.07 and a 12 month high of $151.16. The company’s 50-day moving average price is $127.99 and its 200-day moving average price is $128.32. 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 issued its 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). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The company had revenue of $4.58 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the company earned $2.07 earnings per share. PPG Industries’s revenue was down 1.5% on a year-over-year basis. Equities research analysts forecast that PPG Industries, Inc. will post 8.19 earnings per share for the current year.

PPG Industries Dividend Announcement

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 dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.19%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s payout ratio is 43.11%.

Insider Buying and Selling at PPG Industries

In other news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total transaction of $249,713.00. Following the transaction, the vice president now directly owns 13,454 shares in the company, valued at approximately $1,692,513.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. UBS Group increased their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Mizuho lowered their price target on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Barclays reduced their price objective on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, July 22nd. Citigroup lowered their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. cut their target price on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, PPG Industries currently has a consensus rating of “Moderate Buy” and an average target price of $149.93.

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.