Northern Trust Corp Has $262.12 Million Holdings in PPG Industries, Inc. $PPG

Key Points

• Northern Trust Corp has reduced its stake in PPG Industries by 9.1%, owning 2,397,087 shares worth $262.12 million after selling 241,266 shares in the first quarter.
• PPG Industries plans to increase its quarterly dividend from $0.68 to $0.71 per share, reflecting an annualized yield of 2.5%.
• PPG reported quarterly earnings of $2.22 EPS, matching analysts' expectations, with revenues of $4.20 billion, slightly above consensus estimates.

Northern Trust Corp cut its holdings in PPG Industries, Inc. (NYSE:PPG - Free Report) by 9.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,397,087 shares of the specialty chemicals company's stock after selling 241,266 shares during the quarter. Northern Trust Corp owned about 1.06% of PPG Industries worth $262,121,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Park Square Financial Group LLC bought a new position in shares of PPG Industries during the fourth quarter worth $26,000. Cheviot Value Management LLC bought a new position in shares of PPG Industries during the first quarter worth $26,000. Headlands Technologies LLC bought a new position in shares of PPG Industries during the first quarter worth $30,000. CVA Family Office LLC boosted its position in shares of PPG Industries by 70.6% during the first 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 in the last quarter. Finally, Financial Connections Group Inc. boosted its position in shares of PPG Industries by 74.6% during the first 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 in the last quarter. 81.86% of the stock is owned by institutional investors.

PPG Industries Stock Down 1.8%

NYSE:PPG traded down $2.0250 on Monday, hitting $112.2450. 559,906 shares of the company's stock were exchanged, compared to its average volume of 2,050,404. The firm has a 50-day moving average price of $112.46 and a 200-day moving average price of $110.65. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.04. PPG Industries, Inc. has a 52 week low of $90.24 and a 52 week high of $137.24. The company has a market cap of $25.33 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 2.36 and a beta of 1.17.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. PPG Industries's revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.50 EPS. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. As a group, analysts expect that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 11th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $2.84 annualized dividend and a yield of 2.5%. This is an increase from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's payout ratio is currently 64.40%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PPG. Mizuho lifted 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. Wells Fargo & Company lifted their price target 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. UBS Group raised their price objective on shares of PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Deutsche Bank Aktiengesellschaft raised their price objective 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, Fermium Researc upgraded shares of PPG Industries to a "strong-buy" rating in a report on Thursday, May 1st. One research 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 stock. Based on data from MarketBeat, PPG Industries presently 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.