Bank of America Corp DE Buys 365,049 Shares of PPG Industries, Inc. $PPG

Key Points

• Bank of America increased its PPG Industries stake by 21.9% in the first quarter, purchasing 365,049 additional shares and bringing its holdings to 2.04 million shares valued at approximately $217.6 million.
• Analyst sentiment remains cautious: PPG has an average rating of “Hold” and an average price target of $126, with several firms recently reducing their targets.
• PPG reported quarterly revenue of $4.50 billion, up 7.2% year over year, but narrowly missed earnings expectations. The company also raised its quarterly dividend to $0.74 per share, representing a 2.6% annual yield.

Bank of America Corp DE grew its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 21.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,035,467 shares of the specialty chemicals company's stock after purchasing an additional 365,049 shares during the period. Bank of America Corp DE owned about 0.91% of PPG Industries worth $217,551,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PPG. CNB Bank lifted its holdings in PPG Industries by 1.8% during the 4th quarter. CNB Bank now owns 4,514 shares of the specialty chemicals company's stock valued at $463,000 after purchasing an additional 80 shares during the last quarter. IFP Advisors Inc grew its stake in PPG Industries by 2.7% during the fourth quarter. IFP Advisors Inc now owns 3,302 shares of the specialty chemicals company's stock worth $338,000 after buying an additional 87 shares during the last quarter. Whittier Trust Co. increased its holdings in shares of PPG Industries by 1.4% during the fourth quarter. Whittier Trust Co. now owns 6,658 shares of the specialty chemicals company's stock worth $703,000 after buying an additional 89 shares in the last quarter. Evolve Private Wealth LLC increased its holdings in shares of PPG Industries by 3.2% during the first quarter. Evolve Private Wealth LLC now owns 2,929 shares of the specialty chemicals company's stock worth $313,000 after buying an additional 92 shares in the last quarter. Finally, Insigneo Advisory Services LLC raised its stake in shares of PPG Industries by 4.3% in the fourth quarter. Insigneo Advisory Services LLC now owns 2,234 shares of the specialty chemicals company's stock valued at $229,000 after acquiring an additional 92 shares during the last quarter. Institutional investors own 81.86% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on PPG. Wells Fargo & Company decreased their price target on PPG Industries from $135.00 to $130.00 and set an "overweight" rating on the stock in a research report on Friday, April 10th. JPMorgan Chase & Co. cut their price objective on PPG Industries from $126.00 to $125.00 in a research report on Thursday, April 30th. Wall Street Zen lowered PPG Industries from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings raised shares of PPG Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 17th. Finally, Royal Bank Of Canada lowered their target price on PPG Industries from $129.00 to $122.00 and set a "sector perform" rating for the company in a research note on Thursday, July 30th. Seven investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $126.00.

PPG Industries Trading Up 3.0%

NYSE PPG opened at $113.83 on Tuesday. The stock has a 50-day simple moving average of $116.86 and a 200 day simple moving average of $113.69. The company has a market capitalization of $25.31 billion, a PE ratio of 16.31, a P/E/G ratio of 1.60 and a beta of 1.07. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. PPG Industries, Inc. has a 12 month low of $93.39 and a 12 month high of $133.43.

PPG Industries (NYSE:PPG - Get Free Report) last released its earnings results on Tuesday, July 28th. The specialty chemicals company reported $2.23 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.02). The company had revenue of $4.50 billion during the quarter, compared to analyst estimates of $4.37 billion. PPG Industries had a net margin of 9.57% and a return on equity of 21.07%. The company's quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.22 EPS. PPG Industries has set its FY 2026 guidance at 7.700-8.100 EPS. Research analysts forecast that PPG Industries, Inc. will post 7.9 EPS for the current year.

PPG Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 10th will be given a $0.74 dividend. The ex-dividend date is Monday, August 10th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.6%. This is a positive change from PPG Industries's previous quarterly dividend of $0.71. PPG Industries's dividend payout ratio is 40.69%.

PPG Industries Company Profile

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG's product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.

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