Comerica Bank Sells 2,808 Shares of PPG Industries, Inc. $PPG

Key Points

• Comerica Bank reduced its stake in PPG Industries by 2.3%, selling 2,808 shares, and now holds approximately 119,689 shares valued at $13,088,000.
• PPG Industries reported earnings of $2.22 per share for the last quarter, matching analysts' expectations, with total revenue of $4.20 billion, slightly above estimates.
• The company announced an increase in its quarterly dividend, raising it from $0.68 to $0.71 per share, representing a dividend yield of 2.5%.

Comerica Bank lowered its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,689 shares of the specialty chemicals company's stock after selling 2,808 shares during the period. Comerica Bank owned approximately 0.05% of PPG Industries worth $13,088,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PPG. Price T Rowe Associates Inc. MD boosted its holdings in PPG Industries by 58.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,797,682 shares of the specialty chemicals company's stock worth $524,627,000 after purchasing an additional 1,766,518 shares during the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in PPG Industries in the first quarter worth approximately $127,152,000. Pzena Investment Management LLC purchased a new stake in PPG Industries in the first quarter worth approximately $105,349,000. Nuveen LLC purchased a new stake in PPG Industries in the first quarter worth approximately $79,881,000. Finally, GAMMA Investing LLC boosted its holdings in PPG Industries by 11,737.2% in the first quarter. GAMMA Investing LLC now owns 724,553 shares of the specialty chemicals company's stock worth $79,230,000 after purchasing an additional 718,432 shares during the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

PPG Industries Trading Up 0.5%

Shares of PPG Industries stock opened at $112.68 on Wednesday. The company's fifty day simple moving average is $112.63 and its 200-day simple moving average is $110.65. The stock has a market capitalization of $25.43 billion, a PE ratio of 25.55, a P/E/G ratio of 2.32 and a beta of 1.17. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24. 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, hitting the consensus estimate of $2.22. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. The business had revenue of $4.20 billion for the quarter, compared to analysts' expectations of $4.16 billion. During the same quarter last year, the company posted $2.50 EPS. The company's revenue was down .9% compared to the same quarter last year. 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 earnings per share for the current year.

PPG Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 11th will be paid a dividend of $0.71 per share. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. The ex-dividend date is Monday, August 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.5%. PPG Industries's dividend payout ratio is presently 64.40%.

Wall Street Analysts Forecast Growth

PPG has been the topic of several research reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Citigroup raised their target price on shares of PPG Industries from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Mizuho raised their target price on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. dropped their target price on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, UBS Group lifted their price target on shares of PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $129.82.

PPG Industries Company Profile

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.

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