PPG Industries, Inc. (NYSE:PPG) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. significantly reduced its stake in PPG Industries by 57.1% during Q1, lowering its holdings to 5,551 shares valued at $607,000.
• PPG Industries' quarterly earnings matched expectations with an EPS of $2.22, while revenue declined slightly year-over-year to $4.20 billion.
• The company announced a quarterly dividend increase to $0.71 per share, reflecting a dividend yield of 2.7% for investors.

iA Global Asset Management Inc. cut its stake in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 57.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,551 shares of the specialty chemicals company's stock after selling 7,396 shares during the quarter. iA Global Asset Management Inc.'s holdings in PPG Industries were worth $607,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. grew its position in shares of 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 worth $27,311,000 after buying an additional 1,697 shares in the last quarter. Clear Creek Financial Management LLC purchased a new stake in PPG Industries during the first quarter worth approximately $240,000. Principal Financial Group Inc. lifted its stake in PPG Industries by 4.4% during the first quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock worth $33,129,000 after purchasing an additional 12,650 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in PPG Industries by 966.3% during the first quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock worth $97,000 after purchasing an additional 802 shares during the last quarter. Finally, Revisor Wealth Management LLC lifted its stake in PPG Industries by 95.8% during the first quarter. Revisor Wealth Management LLC now owns 4,435 shares of the specialty chemicals company's stock worth $485,000 after purchasing an additional 2,170 shares during the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Price Performance

PPG Industries stock opened at $106.11 on Friday. PPG Industries, Inc. has a 12 month low of $90.24 and a 12 month high of $137.24. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.04. The business has a 50 day simple moving average of $112.63 and a 200-day simple moving average of $111.42. The stock has a market capitalization of $23.95 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 2.18 and a beta of 1.17.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 EPS for the quarter, hitting 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 during the quarter, compared to analysts' expectations of $4.16 billion. During the same quarter in the prior year, the business earned $2.50 earnings per share. The company's quarterly revenue was down .9% compared to the same quarter last year. Equities analysts predict that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 11th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 2.7%. This is a boost from PPG Industries's previous quarterly dividend of $0.68. The ex-dividend date is Monday, August 11th. PPG Industries's dividend payout ratio (DPR) is currently 61.68%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PPG shares. Deutsche Bank Aktiengesellschaft boosted their target price on PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Citigroup boosted their target price on PPG Industries from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Fermium Researc upgraded PPG Industries to a "strong-buy" rating in a research note on Thursday, May 1st. Mizuho boosted their target price on PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Finally, Wells Fargo & Company boosted their target price on PPG Industries from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Nine research 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. According to MarketBeat, PPG Industries presently 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.

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