Cresset Asset Management LLC Has $653,000 Holdings in PPG Industries, Inc. $PPG

Key Points

• Cresset Asset Management LLC sold 49,291 shares of PPG Industries, reducing its stake by 89.2%, leaving it with 5,975 shares valued at approximately $653,000.
• PPG Industries reported earnings of $2.22 EPS for the last quarter, meeting analyst expectations, with a revenue of $4.20 billion, slightly beating projections.
• The company announced a quarterly dividend of $0.71 per share, marking an increase from the previous dividend of $0.68, and representing a 2.5% yield.

Cresset Asset Management LLC cut its holdings in PPG Industries, Inc. (NYSE:PPG - Free Report) by 89.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,975 shares of the specialty chemicals company's stock after selling 49,291 shares during the quarter. Cresset Asset Management LLC's holdings in PPG Industries were worth $653,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Cookson Peirce & Co. Inc. grew its position in shares of PPG Industries by 1.9% in the first quarter. Cookson Peirce & Co. Inc. now owns 4,862 shares of the specialty chemicals company's stock valued at $532,000 after purchasing an additional 89 shares during the last quarter. LRI Investments LLC boosted its position in PPG Industries by 25.3% during the fourth quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company's stock worth $54,000 after acquiring an additional 92 shares during the last quarter. Conning Inc. boosted its position in PPG Industries by 5.5% during the first quarter. Conning Inc. now owns 1,881 shares of the specialty chemicals company's stock worth $206,000 after acquiring an additional 98 shares during the last quarter. Beacon Capital Management LLC boosted its position in PPG Industries by 37.1% during the first quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock worth $41,000 after acquiring an additional 101 shares during the last quarter. Finally, Chilton Capital Management LLC boosted its position in PPG Industries by 22.6% during the first quarter. Chilton Capital Management LLC now owns 576 shares of the specialty chemicals company's stock worth $63,000 after acquiring an additional 106 shares during the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PPG shares. Royal Bank Of Canada increased their price target on shares of PPG Industries from $115.00 to $117.00 and gave the stock a "sector perform" rating in a research note on Friday, August 1st. UBS Group raised their price objective on shares of PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Mizuho lifted their price target on shares of PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. decreased their price target on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Finally, Citigroup lifted their price objective on shares of PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $129.82.

PPG Industries Stock Down 1.8%

PPG stock traded down $2.0910 during trading hours on Monday, hitting $112.1790. The company's stock had a trading volume of 1,161,618 shares, compared to its average volume of 2,015,079. The company has a quick ratio of 1.04, a current ratio of 1.42 and a debt-to-equity ratio of 0.76. The stock has a 50 day moving average price of $112.46 and a two-hundred day moving average price of $110.65. The company has a market capitalization of $25.32 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 2.36 and a beta of 1.17. PPG Industries, Inc. has a 12 month low of $90.24 and a 12 month high of $137.24.

PPG Industries (NYSE:PPG - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. The business had revenue of $4.20 billion during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $2.50 EPS. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, equities research analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Monday, August 11th. This represents a $2.84 annualized dividend and a dividend yield of 2.5%. This is an increase from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's payout ratio is currently 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.