Legal & General Group Plc Acquires Shares of 1,394,143 PPG Industries, Inc. $PPG

Key Points

• Legal & General Group Plc acquired 1,394,143 PPG Industries shares worth approximately $169.1 million, representing about 0.63% of the company. Institutional investors collectively own 81.86% of PPG.
• Analysts maintain a consensus “Hold” rating with a $126 price target; seven analysts rate the stock a Buy and ten rate it a Hold.
• PPG reported quarterly revenue of $4.50 billion, up 7.2% year over year, though EPS of $2.23 narrowly missed estimates. The company raised its quarterly dividend to $0.74, producing a 2.6% annualized yield.

Legal & General Group Plc purchased a new stake 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 SEC. The fund purchased 1,394,143 shares of the specialty chemicals company's stock, valued at approximately $169,096,000. Legal & General Group Plc owned about 0.63% of PPG Industries as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new stake in PPG Industries in the 2nd quarter worth about $13,644,000. Thomist Capital Management LP bought a new position in PPG Industries during the second quarter valued at $5,470,000. Jones Financial Companies Lllp purchased a new stake in PPG Industries in the second quarter worth $176,000. Manning & Napier Advisors LLC bought a new stake in shares of PPG Industries in the second quarter valued at $4,058,000. Finally, Vega Investment Solutions bought a new stake in shares of PPG Industries in the second quarter valued at $38,312,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. BNP Paribas Exane increased their price target on PPG Industries from $115.00 to $116.00 in a research note on Thursday, April 30th. Mizuho upped their price objective on shares of PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Bank of America upgraded shares of PPG Industries from a "neutral" rating to a "buy" rating and increased their target price for the stock from $127.00 to $134.00 in a research report on Friday, July 17th. JPMorgan Chase & Co. reduced their target price on shares of PPG Industries from $126.00 to $125.00 in a research note on Thursday, April 30th. Finally, UBS Group lowered their price target on shares of PPG Industries from $130.00 to $125.00 and set a "neutral" rating on the stock in a research report on Thursday, July 30th. Seven investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $126.00.

PPG Industries Stock Up 0.6%

Shares of NYSE PPG opened at $114.33 on Thursday. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.72. The company has a market cap of $25.42 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.65 and a beta of 1.07. PPG Industries, Inc. has a 52 week low of $93.39 and a 52 week high of $133.43. The business has a 50-day simple moving average of $116.95 and a two-hundred day simple moving average of $113.79.

PPG Industries (NYSE:PPG - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $2.23 earnings per share (EPS) 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 firm had revenue of $4.50 billion during the quarter, compared to analysts' expectations of $4.37 billion. During the same period in the previous year, the company posted $2.22 earnings per share. The company's quarterly revenue was up 7.2% compared to the same quarter last year. PPG Industries has set its FY 2026 guidance at 7.700-8.100 EPS. Research analysts anticipate that PPG Industries, Inc. will post 7.89 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

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