Mizuho Securities USA LLC Cuts Stock Position in PPG Industries, Inc. (NYSE:PPG)

Key Points

• Mizuho Securities USA LLC reduced its stake in PPG Industries by 15.5%, selling 3,412 shares and retaining a total of 18,576 shares valued at approximately $2 million.
• PPG Industries announced an increase in its quarterly dividend to $0.71 per share, which equates to an annualized dividend of $2.84 and a yield of 2.7%.
• The company's latest earnings report showed an EPS of $2.22, meeting analyst estimates, with quarterly revenue of $4.20 billion compared to $4.16 billion expectations.

Mizuho Securities USA LLC lessened its holdings in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 15.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 18,576 shares of the specialty chemicals company's stock after selling 3,412 shares during the period. Mizuho Securities USA LLC's holdings in PPG Industries were worth $2,031,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PPG. Park Square Financial Group LLC bought a new position in shares of PPG Industries in the 4th quarter valued at about $26,000. Cheviot Value Management LLC acquired a new stake in shares of PPG Industries in the 1st quarter worth about $26,000. CVA Family Office LLC increased its stake in shares of PPG Industries by 70.6% during the 1st quarter. CVA Family Office LLC now owns 273 shares of the specialty chemicals company's stock worth $30,000 after purchasing an additional 113 shares during the last quarter. Headlands Technologies LLC bought a new position in PPG Industries in the 1st quarter valued at $30,000. Finally, Financial Connections Group Inc. raised its position in PPG Industries by 74.6% in the 1st quarter. Financial Connections Group Inc. now owns 351 shares of the specialty chemicals company's stock worth $38,000 after purchasing an additional 150 shares during the period. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Stock Down 0.2%

NYSE:PPG traded down $0.26 on Friday, hitting $111.69. 803,412 shares of the company's stock traded hands, compared to its average volume of 2,079,915. The company has a current ratio of 1.42, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. The firm has a 50-day moving average price of $112.45 and a 200-day moving average price of $110.94. The company has a market cap of $25.21 billion, a PE ratio of 25.31, a price-to-earnings-growth ratio of 2.33 and a beta of 1.17. PPG Industries, Inc. has a 1 year low of $90.24 and a 1 year high of $137.24.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%. The business had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. During the same quarter in the prior year, the firm posted $2.50 earnings per share. The firm's revenue for the quarter was down .9% compared to the same quarter last year. Equities analysts anticipate that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The company also recently announced 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 represents a $2.84 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, August 11th. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's dividend payout ratio is presently 64.40%.

Analyst Ratings Changes

PPG has been the topic of several recent analyst reports. Wells Fargo & Company raised their price objective 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 upped their price target 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. UBS Group upped their price target on shares of PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft increased their price target on shares of PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Monday, May 12th. 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. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price 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.