PPG Industries, Inc. $PPG Shares Sold by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board significantly decreased its stake in PPG Industries by 36.9%, reducing its holdings to 266,816 shares, valued at approximately $29.2 million.
• PPG Industries reported a quarterly earnings of $2.22 per share, meeting analyst expectations, with revenues of $4.2 billion for the quarter, slightly above forecasted levels.
• The company announced a dividend increase, now paying $0.71 per share, reflecting an annualized dividend yield of 2.6%, up from the previous $0.68 per share.

Canada Pension Plan Investment Board decreased its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 36.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 266,816 shares of the specialty chemicals company's stock after selling 156,024 shares during the period. Canada Pension Plan Investment Board owned 0.12% of PPG Industries worth $29,176,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its holdings in shares of PPG Industries by 0.7% in the first quarter. Envestnet Asset Management Inc. now owns 249,755 shares of the specialty chemicals company's stock valued at $27,311,000 after purchasing an additional 1,697 shares during the period. Clear Creek Financial Management LLC purchased a new stake in shares of PPG Industries in the first quarter valued at approximately $240,000. Principal Financial Group Inc. boosted its holdings in shares of PPG Industries by 4.4% in the first quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock valued at $33,129,000 after purchasing an additional 12,650 shares during the period. Meridian Wealth Management LLC lifted its holdings in PPG Industries by 311.2% during the first quarter. Meridian Wealth Management LLC now owns 7,665 shares of the specialty chemicals company's stock worth $838,000 after buying an additional 5,801 shares during the period. Finally, Golden State Wealth Management LLC lifted its holdings in PPG Industries by 966.3% during the first quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock worth $97,000 after buying an additional 802 shares during the period. Hedge funds and other institutional investors own 81.86% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on PPG shares. Deutsche Bank Aktiengesellschaft upped their target price on PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Mizuho upped their price target on PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Citigroup upped their price target on PPG Industries from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. UBS Group upped their price target on PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company upped their price target on PPG Industries from $125.00 to $135.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $129.82.

PPG Industries Price Performance

PPG Industries stock traded up $0.37 during midday trading on Thursday, reaching $109.56. The company had a trading volume of 1,642,856 shares, compared to its average volume of 2,023,255. The company has a market capitalization of $24.73 billion, a P/E ratio of 24.84, a P/E/G ratio of 2.30 and a beta of 1.14. PPG Industries, Inc. has a 12-month low of $90.24 and a 12-month high of $137.24. The firm's fifty day simple moving average is $112.62 and its 200-day simple moving average is $110.47. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.04.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share for the quarter, meeting analysts' consensus estimates of $2.22. The firm had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. PPG Industries's quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company posted $2.50 EPS. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. As a group, equities analysts anticipate that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 11th will be issued a dividend of $0.71 per share. The ex-dividend date is Monday, August 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's payout ratio is 64.40%.

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.