PPG Industries, Inc. $PPG Shares Sold by Federation des caisses Desjardins du Quebec

Key Points

• The Federation des caisses Desjardins du Quebec reduced its holdings in PPG Industries by 32.4%, now owning 26,042 shares valued at approximately $2.85 million.
• PPG Industries announced a quarterly dividend increase to $0.71 per share, up from $0.68, reflecting a dividend yield of 2.6%.
• Analysts have increased their price targets for PPG Industries, with the consensus target now at $129.82 following multiple upgrades from firms like Citigroup and Wells Fargo.

Federation des caisses Desjardins du Quebec trimmed its holdings in PPG Industries, Inc. (NYSE:PPG - Free Report) by 32.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 26,042 shares of the specialty chemicals company's stock after selling 12,493 shares during the period. Federation des caisses Desjardins du Quebec's holdings in PPG Industries were worth $2,848,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PPG. Price T Rowe Associates Inc. MD boosted its stake in PPG Industries by 58.3% in the 1st 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 buying an additional 1,766,518 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in PPG Industries in the 1st quarter worth about $127,152,000. Pzena Investment Management LLC acquired a new stake in PPG Industries in the 1st quarter worth about $105,349,000. Nuveen LLC acquired a new stake in PPG Industries in the 1st quarter worth about $79,881,000. Finally, GAMMA Investing LLC boosted its stake in PPG Industries by 11,737.2% in the 1st quarter. GAMMA Investing LLC now owns 724,553 shares of the specialty chemicals company's stock worth $79,230,000 after buying an additional 718,432 shares during the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Mizuho lifted their price objective on PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. UBS Group lifted their price objective on PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Wells Fargo & Company lifted their price objective on PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada lifted their price objective on PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research note on Friday, August 1st. Finally, Citigroup boosted 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. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $129.82.

PPG Industries Stock Down 0.7%

PPG stock traded down $0.80 during midday trading on Wednesday, hitting $108.59. 783,368 shares of the company's stock were exchanged, compared to its average volume of 2,024,166. PPG Industries, Inc. has a 12-month low of $90.24 and a 12-month high of $137.24. The company has a current ratio of 1.42, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $24.51 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 2.30 and a beta of 1.14. The firm has a 50 day moving average price of $112.26 and a 200-day moving average price of $110.22.

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. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The business had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.16 billion. During the same period in the previous year, the business earned $2.50 EPS. The business's quarterly revenue was down .9% on a year-over-year basis. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, analysts anticipate that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 11th will be given 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 yield of 2.6%. This is an increase from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's payout ratio is presently 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.