Korea Investment CORP Purchases New Shares in PPG Industries, Inc. $PPG

Key Points

• Korea Investment CORP acquired 89,687 shares of PPG Industries during the second quarter, valued at approximately $10.9 million. Institutional investors collectively own 81.86% of the company.
• PPG shares opened at $113.28, while analysts maintain a consensus “Hold” rating and an average price target of $126.00.
• PPG’s latest quarterly revenue rose 7.2% year over year to $4.50 billion, though earnings per share slightly missed estimates. The company increased its quarterly dividend to $0.74, representing a 2.6% annualized yield.

Korea Investment CORP purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 89,687 shares of the specialty chemicals company's stock, valued at approximately $10,878,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of PPG. Cooke & Bieler LP lifted its position in PPG Industries by 16.7% during the 4th quarter. Cooke & Bieler LP now owns 1,616,672 shares of the specialty chemicals company's stock worth $165,644,000 after acquiring an additional 231,537 shares during the period. Equity Investment Corp increased its holdings in shares of PPG Industries by 3.4% in the fourth quarter. Equity Investment Corp now owns 995,323 shares of the specialty chemicals company's stock valued at $101,981,000 after purchasing an additional 32,337 shares during the period. ProShare Advisors LLC raised its stake in shares of PPG Industries by 6.6% during the fourth quarter. ProShare Advisors LLC now owns 1,600,226 shares of the specialty chemicals company's stock worth $163,959,000 after purchasing an additional 98,430 shares during the last quarter. Entropy Technologies LP lifted its holdings in shares of PPG Industries by 80.2% during the fourth quarter. Entropy Technologies LP now owns 61,784 shares of the specialty chemicals company's stock worth $6,330,000 after purchasing an additional 27,493 shares during the period. Finally, North Dakota State Investment Board purchased a new position in PPG Industries in the 4th quarter valued at $1,393,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PPG shares. BNP Paribas Exane upped their price objective on shares of PPG Industries from $115.00 to $116.00 in a research 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. The Goldman Sachs Group dropped their price target on shares of PPG Industries from $134.00 to $130.00 in a research note on Friday, May 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 report on Friday, July 17th. Finally, Weiss Ratings raised PPG Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, June 17th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $126.00.

PPG Industries Stock Down 0.3%

Shares of NYSE PPG opened at $113.28 on Tuesday. The firm's 50-day moving average is $117.15 and its two-hundred day moving average is $113.95. The company has a market capitalization of $25.18 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 1.65 and a beta of 1.07. PPG Industries, Inc. has a 12-month low of $93.39 and a 12-month high of $133.43. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.58 and a quick ratio of 1.15.

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

PPG Industries Increases Dividend

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

About PPG Industries

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.

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