PPG Industries, Inc. (NYSE:PPG) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in PPG Industries by 771.3%, acquiring over 20,000 additional shares, raising their total stake's value to approximately $2.5 million.
• PPG Industries reported earnings of $2.22 per share for the last quarter, meeting analyst expectations, while also experiencing a 0.9% decline in quarterly revenue compared to the previous year.
• The company announced an increase in its quarterly dividend from $0.68 to $0.71, translating to an annual yield of 2.5% for shareholders.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 771.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,960 shares of the specialty chemicals company's stock after acquiring an additional 20,325 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in PPG Industries were worth $2,511,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PPG. Kovitz Investment Group Partners LLC grew its position in shares of PPG Industries by 482.2% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,337,649 shares of the specialty chemicals company's stock worth $518,132,000 after buying an additional 3,592,655 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of PPG Industries by 815.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,031,164 shares of the specialty chemicals company's stock worth $362,074,000 after purchasing an additional 2,700,018 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of PPG Industries by 13.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,831,301 shares of the specialty chemicals company's stock worth $338,199,000 after purchasing an additional 324,688 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of PPG Industries by 3.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,734,270 shares of the specialty chemicals company's stock worth $298,992,000 after purchasing an additional 85,891 shares during the last quarter. Finally, Northern Trust Corp raised its stake in PPG Industries by 29.9% in the fourth quarter. Northern Trust Corp now owns 2,638,353 shares of the specialty chemicals company's stock valued at $315,151,000 after buying an additional 607,154 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PPG. Citigroup increased their price target on PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, June 13th. JPMorgan Chase & Co. decreased their price target on PPG Industries from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft increased their price target on PPG Industries from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Fermium Researc upgraded PPG Industries to a "strong-buy" rating in a research note on Thursday, May 1st. Finally, Mizuho increased their price target on PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, PPG Industries currently has an average rating of "Moderate Buy" and an average price target of $129.82.

PPG Industries Stock Performance

PPG Industries stock traded down $0.11 during midday trading on Friday, hitting $111.84. 1,400,249 shares of the company were exchanged, compared to its average volume of 2,240,021. The firm has a market capitalization of $25.24 billion, a PE ratio of 25.36, a price-to-earnings-growth ratio of 2.31 and a beta of 1.17. PPG Industries, Inc. has a fifty-two week low of $90.24 and a fifty-two week high of $137.24. The business has a fifty day simple moving average of $112.44 and a two-hundred day simple moving average of $110.78. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.42.

PPG Industries (NYSE:PPG - Get Free Report) last posted its earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 EPS for the quarter, hitting the consensus estimate 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 return on equity of 23.85% and a net margin of 6.25%. PPG Industries's revenue for the quarter was down .9% compared to the same quarter last year. During the same period last year, the company earned $2.50 earnings per share. On average, sell-side analysts forecast that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

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