Equity Investment Corp Invests $136.57 Million in PPG Industries, Inc. $PPG

Key Points

• Equity Investment Corp purchased 1.13 million PPG Industries shares worth approximately $136.6 million, making PPG its 14th-largest holding and representing about 2.6% of its portfolio.
• Institutional ownership remains high at 81.86%, with BlackRock and Pzena Investment Management among other major investors that recently established or increased positions.
• PPG reported quarterly revenue of $4.50 billion, up 7.2% year over year, but slightly missed earnings expectations. Analysts’ consensus rating is Hold, with an average price target of $126, while the company raised its quarterly dividend to $0.74 per share.

Equity Investment Corp purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,126,001 shares of the specialty chemicals company's stock, valued at approximately $136,573,000. PPG Industries makes up approximately 2.6% of Equity Investment Corp's investment portfolio, making the stock its 14th largest position. Equity Investment Corp owned approximately 0.51% of PPG Industries as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in PPG Industries during the 2nd quarter worth approximately $2,856,392,000. State Street Corp lifted its holdings in shares of PPG Industries by 4.6% in the 4th quarter. State Street Corp now owns 12,829,677 shares of the specialty chemicals company's stock valued at $1,314,529,000 after buying an additional 565,523 shares during the period. Pzena Investment Management LLC acquired a new stake in shares of PPG Industries in the 2nd quarter valued at approximately $946,964,000. Franklin Resources Inc. boosted its stake in shares of PPG Industries by 48.9% in the fourth quarter. Franklin Resources Inc. now owns 6,990,595 shares of the specialty chemicals company's stock valued at $716,256,000 after buying an additional 2,295,118 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in PPG Industries by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 6,290,622 shares of the specialty chemicals company's stock worth $644,537,000 after acquiring an additional 26,793 shares during the period. Hedge funds and other institutional investors own 81.86% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PPG shares. JPMorgan Chase & Co. reduced their target price on PPG Industries from $126.00 to $125.00 in a report on Thursday, April 30th. Wall Street Zen downgraded shares of PPG Industries from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Bank of America upgraded shares of PPG Industries from a "neutral" rating to a "buy" rating and raised their price objective for the company from $127.00 to $134.00 in a research note on Friday, July 17th. Weiss Ratings upgraded shares of PPG Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, June 17th. Finally, BNP Paribas Exane lifted their price target on shares of PPG Industries from $115.00 to $116.00 in a research report on Thursday, April 30th. Seven research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $126.00.

PPG Industries Price Performance

Shares of PPG Industries stock opened at $112.82 on Wednesday. The business's fifty day moving average price is $117.53 and its 200 day moving average price is $114.05. PPG Industries, Inc. has a twelve month low of $93.39 and a twelve month high of $133.43. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $25.08 billion, a P/E ratio of 16.16, a PEG ratio of 1.66 and a beta of 1.07.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $2.23 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.02). The firm had revenue of $4.50 billion during the quarter, compared to analysts' expectations of $4.37 billion. PPG Industries had a return on equity of 21.07% and a net margin of 9.57%.The business's revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.22 earnings per share. PPG Industries has set its FY 2026 guidance at 7.700-8.100 EPS. As a group, research analysts anticipate that PPG Industries, Inc. will post 7.89 earnings per share for the current year.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 10th will be given a dividend of $0.74 per share. The ex-dividend date is Monday, August 10th. This represents a $2.96 dividend on an annualized basis and a yield of 2.6%. This is an increase from PPG Industries's previous quarterly dividend of $0.71. PPG Industries's payout ratio is presently 42.41%.

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.

Want to see what other hedge funds are holding PPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PPG Industries, Inc. (NYSE:PPG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source