The Essex Financial Services Inc. Sells 978 Shares of PPG Industries, Inc. (PPG), Report finds

Several other hedge funds and other institutional investors have also recently bought and sold shares of PPG. Jackson Grant Investment Advisers Inc. increased its position in PPG Industries by 0.4% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 2,561 shares of the company’s stock worth $267,000 after buying an additional 9 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in PPG Industries by 0.3% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 3,982 shares of the company’s stock worth $412,000 after buying an additional 13 shares in the last quarter. OLD Dominion Capital Management Inc. increased its position in PPG Industries by 0.3% in the third quarter. OLD Dominion Capital Management Inc. now owns 5,266 shares of the company’s stock worth $544,000 after buying an additional 15 shares in the last quarter. Evercore Wealth Management LLC increased its position in PPG Industries by 0.4% in the second quarter. Evercore Wealth Management LLC now owns 7,666 shares of the company’s stock worth $799,000 after buying an additional 29 shares in the last quarter. Finally, Community Bank N.A. increased its position in PPG Industries by 1.5% in the third quarter. Community Bank N.A. now owns 2,654 shares of the company’s stock worth $274,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 71.49% of the company’s stock.

Essex Financial Services Inc. lowered its position in PPG Industries, Inc. (NYSE:PPG) by 5.9% during the fourth quarter, Holdings Channel reports. The fund owned 15,698 shares of the company’s stock after selling 978 shares during the period. Essex Financial Services Inc.’s holdings in PPG Industries were worth $1,488,000 as of its most recent filing with the SEC.

Shares of PPG Industries, Inc. (NYSE:PPG) traded up 0.2287% during trading on Monday, reaching $100.7699. The company’s stock had a trading volume of 485,121 shares. The stock has a 50-day moving average of $98.26 and a 200-day moving average of $99.16. PPG Industries, Inc. has a 52-week low of $89.62 and a 52-week high of $117.00. The stock has a market cap of $26.60 billion, a P/E ratio of 30.7132 and a beta of 1.39.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, January 19th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.01. PPG Industries had a return on equity of 29.94% and a net margin of 5.84%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm earned $1.16 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. Analysts predict that PPG Industries, Inc. will post $6.23 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Stockholders of record on Friday, February 17th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, February 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.59%. PPG Industries’s dividend payout ratio (DPR) is currently 48.93%.

A number of research firms have weighed in on PPG. Barclays PLC restated a “hold” rating and issued a $110.00 price target on shares of PPG Industries in a research note on Sunday, January 22nd. Susquehanna Bancshares Inc downgraded PPG Industries from a “positive” rating to a “neutral” rating and decreased their price target for the company from $108.00 to $100.00 in a research note on Tuesday, January 17th. Citigroup Inc. downgraded PPG Industries from a “buy” rating to a “neutral” rating in a research note on Monday, January 9th. RBC Capital Markets restated a “hold” rating and issued a $101.00 price target on shares of PPG Industries in a research note on Wednesday, January 4th. Finally, Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, December 20th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $111.92.

About PPG Industries

PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.

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