Intech Investment Management LLC Decreases Stake in PPG Industries, Inc. $PPG

Key Points

• Intech Investment Management LLC has reduced its stake in PPG Industries by 50.3%, selling over 102,000 shares, which leaves it with 100,717 shares valued at approximately $11 million.
• Analysts have shown optimism for PPG Industries, with several companies raising their price targets, indicating a current consensus rating of "Moderate Buy" and an average price target of $129.82.
• PPG Industries declared a quarterly dividend of $0.71, marking an increase from the previous dividend of $0.68, reflecting a commitment to returning value to shareholders.

Intech Investment Management LLC cut its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 50.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,717 shares of the specialty chemicals company's stock after selling 102,058 shares during the period. Intech Investment Management LLC's holdings in PPG Industries were worth $11,013,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its position in shares of PPG Industries by 0.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 249,755 shares of the specialty chemicals company's stock valued at $27,311,000 after acquiring an additional 1,697 shares during the last quarter. Clear Creek Financial Management LLC purchased a new stake in PPG Industries during the first quarter valued at $240,000. Principal Financial Group Inc. lifted its position in PPG Industries by 4.4% during the first quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock valued at $33,129,000 after purchasing an additional 12,650 shares during the last quarter. Meridian Wealth Management LLC lifted its position in PPG Industries by 311.2% during the first quarter. Meridian Wealth Management LLC now owns 7,665 shares of the specialty chemicals company's stock valued at $838,000 after purchasing an additional 5,801 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its stake in shares of PPG Industries by 966.3% in the 1st quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock worth $97,000 after buying an additional 802 shares in the last quarter. Institutional investors own 81.86% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on PPG shares. Royal Bank Of Canada upped their target price on shares of PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research report on Friday, August 1st. Citigroup upped their price objective on PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Mizuho lifted their target price on PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Wells Fargo & Company boosted their target price on PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, UBS Group raised their price target on PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. 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 company's stock. Based on data from MarketBeat.com, PPG Industries currently has a consensus rating of "Moderate Buy" and an average price target of $129.82.

PPG Industries Trading Down 0.5%

Shares of NYSE PPG opened at $108.87 on Thursday. PPG Industries, Inc. has a fifty-two week low of $90.24 and a fifty-two week high of $137.24. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.42. The company has a market cap of $24.57 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 2.26 and a beta of 1.14. The business's 50 day moving average price is $112.06 and its 200-day moving average price is $110.21.

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, 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 company had revenue of $4.20 billion during the quarter, compared to analysts' expectations of $4.16 billion. During the same quarter in the previous year, the business earned $2.50 EPS. PPG Industries'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. On average, sell-side analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 11th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $2.84 annualized dividend and a yield of 2.6%. This is a boost from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's 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.

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