Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in PPG Industries by 10.8%, holding approximately 494,482 shares worth $54 million as of the last quarter.
• PPG Industries reported earnings of $2.22 per share for the last quarter, meeting analysts' expectations, but experienced a year-over-year revenue decline of 0.9%.
• The company announced a quarterly dividend increase to $0.71 per share, which represents an annualized dividend of $2.84 with a yield of 2.7%.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 10.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 494,482 shares of the specialty chemicals company's stock after purchasing an additional 48,177 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.22% of PPG Industries worth $54,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its holdings in PPG Industries by 0.7% during the first 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 period. Clear Creek Financial Management LLC purchased a new stake in shares of PPG Industries during the first quarter worth about $240,000. Principal Financial Group Inc. raised its stake in PPG Industries by 4.4% during the 1st 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 period. Golden State Wealth Management LLC raised its stake in PPG Industries by 966.3% during the 1st quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock valued at $97,000 after purchasing an additional 802 shares during the period. Finally, Revisor Wealth Management LLC raised its stake in PPG Industries by 95.8% during the 1st quarter. Revisor Wealth Management LLC now owns 4,435 shares of the specialty chemicals company's stock valued at $485,000 after purchasing an additional 2,170 shares during the period. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Price Performance

PPG stock traded down $0.41 during trading on Monday, hitting $106.54. 1,838,145 shares of the company's stock traded hands, compared to its average volume of 2,098,290. PPG Industries, Inc. has a 52 week low of $90.24 and a 52 week high of $137.24. The stock has a market capitalization of $24.05 billion, a price-to-earnings ratio of 24.16, a P/E/G ratio of 2.21 and a beta of 1.17. 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 has a fifty day simple moving average of $112.56 and a 200 day simple moving average of $111.14.

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, meeting the consensus estimate of $2.22. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. The business had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.16 billion. During the same quarter in the prior year, the firm posted $2.50 earnings per share. The business's revenue for the quarter was down .9% on a year-over-year basis. As a group, research analysts expect that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 11th will be given a dividend of $0.71 per share. This is a positive change 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 2.7%. PPG Industries's payout ratio is 61.68%.

Analysts Set New Price Targets

Several analysts recently issued reports on PPG shares. JPMorgan Chase & Co. decreased their target price on PPG Industries from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Mizuho upped their target price on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Wells Fargo & Company upped their target price on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Royal Bank Of Canada upped their target price on shares of PPG Industries from $115.00 to $117.00 and gave the stock a "sector perform" rating in a research report on Friday, August 1st. Finally, Fermium Researc upgraded shares of PPG Industries to a "strong-buy" rating in a research report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus 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.