Magnetar Financial LLC Invests $5.66 Million in PPG Industries, Inc. $PPG

Key Points

• Magnetar Financial LLC has made a new investment of approximately $5.66 million in PPG Industries, acquiring 51,756 shares during the first quarter.
• Institutional investors collectively own 81.86% of PPG Industries, with significant holdings and increases by various firms including Wellington Management Group and Price T Rowe Associates.
• PPG Industries announced an increase in its quarterly dividend from $0.68 to $0.71 per share, reflecting a 2.6% dividend yield for shareholders.

Magnetar Financial LLC purchased a new position in PPG Industries, Inc. (NYSE:PPG - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 51,756 shares of the specialty chemicals company's stock, valued at approximately $5,660,000.

A number of other institutional investors have also bought and sold shares of PPG. Brighton Jones LLC increased its stake in PPG Industries by 9.1% in the 4th quarter. Brighton Jones LLC now owns 4,075 shares of the specialty chemicals company's stock worth $487,000 after buying an additional 339 shares in the last quarter. Lido Advisors LLC increased its stake in PPG Industries by 128.1% in the 4th quarter. Lido Advisors LLC now owns 10,636 shares of the specialty chemicals company's stock worth $1,270,000 after buying an additional 5,973 shares in the last quarter. AQR Capital Management LLC increased its stake in PPG Industries by 9.7% in the 4th quarter. AQR Capital Management LLC now owns 516,996 shares of the specialty chemicals company's stock worth $61,755,000 after buying an additional 45,515 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in PPG Industries in the 4th quarter worth $438,000. Finally, Wahed Invest LLC increased its stake in PPG Industries by 6.2% in the 4th quarter. Wahed Invest LLC now owns 6,024 shares of the specialty chemicals company's stock worth $720,000 after buying an additional 351 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

PPG Industries Trading Down 0.5%

PPG Industries stock traded down $0.59 during midday trading on Wednesday, reaching $109.00. The stock had a trading volume of 537,565 shares, compared to its average volume of 2,021,500. The company has a quick ratio of 1.04, a current ratio of 1.42 and a debt-to-equity ratio of 0.76. PPG Industries, Inc. has a 52-week low of $90.24 and a 52-week high of $137.24. The firm has a market cap of $24.60 billion, a price-to-earnings ratio of 24.72, a price-to-earnings-growth ratio of 2.30 and a beta of 1.14. The company has a fifty day moving average of $112.71 and a 200 day moving average of $110.48.

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 for the quarter, hitting analysts' consensus estimates of $2.22. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. During the same period in the prior year, the company posted $2.50 EPS. The firm's revenue for the quarter 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 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The company 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 $0.71 dividend. This is an increase from PPG Industries's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Monday, August 11th. This represents a $2.84 dividend on an annualized basis and a yield of 2.6%. PPG Industries's dividend payout ratio is currently 64.40%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. UBS Group increased their price objective on shares of PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of PPG Industries from $125.00 to $140.00 and gave the company a "buy" rating in a report on Monday, May 12th. Mizuho increased 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 Tuesday, July 15th. Finally, Royal Bank Of Canada increased their price objective on shares of PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, PPG Industries currently has an average rating of "Moderate Buy" and a consensus price target of $129.82.

PPG Industries Profile

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.