Federated Hermes Inc. Decreases Stock Holdings in PPG Industries, Inc. (NYSE:PPG)

Key Points

• Federated Hermes Inc. reduced its stake in PPG Industries by 39.8%, selling 196,164 shares in the first quarter and retaining ownership of 297,175 shares valued at approximately $32.5 million.
• PPG Industries has received mixed analyst ratings, with nine analysts rating it as a hold, six as a buy, and one as a strong buy, while its consensus price target is currently set at $129.45.
• The company will pay an increased quarterly dividend of $0.71 on September 12th, reflecting a full-year annualized dividend of $2.84 and a yield of 2.67%.

Federated Hermes Inc. lowered its holdings in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 39.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 297,175 shares of the specialty chemicals company's stock after selling 196,164 shares during the period. Federated Hermes Inc. owned about 0.13% of PPG Industries worth $32,496,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Mackenzie Financial Corp increased its holdings in PPG Industries by 5.5% in the 1st quarter. Mackenzie Financial Corp now owns 251,961 shares of the specialty chemicals company's stock worth $27,552,000 after purchasing an additional 13,046 shares in the last quarter. TCW Group Inc. increased its holdings in PPG Industries by 23.0% in the 1st quarter. TCW Group Inc. now owns 13,994 shares of the specialty chemicals company's stock worth $1,530,000 after purchasing an additional 2,615 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PPG Industries by 19.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 113,611 shares of the specialty chemicals company's stock worth $12,423,000 after purchasing an additional 18,564 shares in the last quarter. Empirical Finance LLC increased its holdings in PPG Industries by 3.1% in the 1st quarter. Empirical Finance LLC now owns 8,298 shares of the specialty chemicals company's stock worth $907,000 after purchasing an additional 246 shares in the last quarter. Finally, Motco increased its holdings in PPG Industries by 19.3% in the 1st quarter. Motco now owns 680 shares of the specialty chemicals company's stock worth $74,000 after purchasing an additional 110 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company's stock.

PPG Industries Stock Down 1.0%

Shares of PPG Industries stock traded down $1.10 on Friday, hitting $104.40. The company had a trading volume of 1,989,134 shares, compared to its average volume of 1,946,785. The stock has a market capitalization of $23.56 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 2.20 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. The stock has a 50 day moving average of $113.06 and a 200-day moving average of $111.79. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.99 and a current ratio of 1.42.

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

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 11th will be given a dividend of $0.71 per share. 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. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.7%. PPG Industries's dividend payout ratio (DPR) is 61.68%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PPG. Mizuho upped their target price on PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Citigroup upped their target price on 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 upped their price target on PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Royal Bank Of Canada upped their price target on PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research report on Friday. Finally, Fermium Researc upgraded 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 given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, PPG Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $129.82.

PPG Industries Company 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.