Meiji Yasuda Asset Management Co Ltd. Acquires 4,259 Shares of PPG Industries, Inc. $PPG

Key Points

• Meiji Yasuda Asset Management Co Ltd. increased its stake in PPG Industries by 8.5%, acquiring an additional 4,259 shares for a total of 54,506 shares valued at approximately $5.96 million.
• Multiple hedge funds have also made new investments or increased their stakes in PPG Industries, with 81.86% of the stock now owned by institutional investors.
• PPG Industries has announced a quarterly dividend of $0.71, representing a boost from the previous dividend of $0.68, reflecting a 2.5% yield on an annualized basis.

Meiji Yasuda Asset Management Co Ltd. boosted its stake in PPG Industries, Inc. (NYSE:PPG - Free Report) by 8.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,506 shares of the specialty chemicals company's stock after buying an additional 4,259 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in PPG Industries were worth $5,960,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cookson Peirce & Co. Inc. lifted its holdings in shares of PPG Industries by 1.9% during the 1st quarter. Cookson Peirce & Co. Inc. now owns 4,862 shares of the specialty chemicals company's stock worth $532,000 after acquiring an additional 89 shares during the period. Summit Financial LLC lifted its holdings in shares of PPG Industries by 1.3% during the 1st quarter. Summit Financial LLC now owns 7,246 shares of the specialty chemicals company's stock worth $792,000 after acquiring an additional 90 shares during the period. LRI Investments LLC lifted its holdings in shares of PPG Industries by 25.3% during the 4th quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company's stock worth $54,000 after acquiring an additional 92 shares during the period. Conning Inc. lifted its holdings in shares of PPG Industries by 5.5% during the 1st quarter. Conning Inc. now owns 1,881 shares of the specialty chemicals company's stock worth $206,000 after acquiring an additional 98 shares during the period. Finally, Beacon Capital Management LLC lifted its holdings in shares of PPG Industries by 37.1% during the 1st quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock worth $41,000 after acquiring an additional 101 shares during the period. Institutional investors own 81.86% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PPG. Citigroup raised their price objective on shares of PPG Industries from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Wells Fargo & Company boosted their price target on shares of PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Mizuho boosted their price target on shares of PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. UBS Group boosted their price target on shares of PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada boosted their price target 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. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $129.82.

PPG Industries Price Performance

Shares of NYSE PPG traded down $1.04 during trading on Friday, reaching $110.79. The company had a trading volume of 1,552,318 shares, compared to its average volume of 2,022,509. PPG Industries, Inc. has a 52 week low of $90.24 and a 52 week high of $137.24. The stock has a market cap of $25.00 billion, a PE ratio of 25.12, a PEG ratio of 2.25 and a beta of 1.14. 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 business's 50 day moving average price is $111.93 and its 200-day moving average price is $110.20.

PPG Industries (NYSE:PPG - Get Free Report) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $4.16 billion. During the same period in the previous year, the firm posted $2.50 earnings per share. The company's revenue was down .9% on a year-over-year basis. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. 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 announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 11th will be paid a $0.71 dividend. This is a boost from PPG Industries's previous quarterly dividend of $0.68. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 11th. 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.