PPG Industries, Inc. $PPG Shares Sold by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. significantly reduced its position in PPG Industries by 36.9%, ending the quarter with a holding of 2,368,492 shares valued at approximately $259 million.
• PPG Industries announced an increase in its quarterly dividend to $0.71, reflecting an annualized rate of $2.84 and a dividend yield of 2.5%.
• Following recent earnings results, analysts have updated their price targets for PPG Industries, with a consensus target price of $129.82 indicating a generally optimistic outlook.

Ameriprise Financial Inc. cut its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 36.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,368,492 shares of the specialty chemicals company's stock after selling 1,383,646 shares during the quarter. Ameriprise Financial Inc. owned 1.04% of PPG Industries worth $259,069,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bragg Financial Advisors Inc boosted its stake in PPG Industries by 3.6% during the 1st quarter. Bragg Financial Advisors Inc now owns 41,323 shares of the specialty chemicals company's stock valued at $4,519,000 after acquiring an additional 1,440 shares during the last quarter. Norinchukin Bank The boosted its stake in PPG Industries by 19.0% during the 1st quarter. Norinchukin Bank The now owns 15,711 shares of the specialty chemicals company's stock valued at $1,718,000 after acquiring an additional 2,503 shares during the last quarter. Summit Financial LLC boosted its stake in PPG Industries by 1.3% during the 1st quarter. Summit Financial LLC now owns 7,246 shares of the specialty chemicals company's stock valued at $792,000 after acquiring an additional 90 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in PPG Industries by 58.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,797,682 shares of the specialty chemicals company's stock valued at $524,627,000 after acquiring an additional 1,766,518 shares during the last quarter. Finally, Capital Fund Management S.A. boosted its stake in PPG Industries by 40.7% during the 1st quarter. Capital Fund Management S.A. now owns 142,744 shares of the specialty chemicals company's stock valued at $15,609,000 after acquiring an additional 41,314 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on PPG. Citigroup increased their price objective on shares of PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, June 13th. JPMorgan Chase & Co. lowered their price target on PPG Industries from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Fermium Researc upgraded PPG Industries to a "strong-buy" rating in a report on Thursday, May 1st. Mizuho boosted their price target on PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Wells Fargo & Company boosted their price target on PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, PPG Industries currently has a consensus rating of "Moderate Buy" and an average price target of $129.82.

PPG Industries Stock Performance

NYSE:PPG traded down $2.0910 during mid-day trading on Monday, hitting $112.1790. The stock had a trading volume of 1,161,618 shares, compared to its average volume of 2,015,079. The stock has a market capitalization of $25.32 billion, a price-to-earnings ratio of 25.44, a P/E/G ratio of 2.36 and a beta of 1.17. The company has a 50 day simple moving average of $112.53 and a 200-day simple moving average of $110.63. PPG Industries, Inc. has a 52 week low of $90.24 and a 52 week high of $137.24. The company has a current ratio of 1.42, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76.

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

PPG Industries Increases Dividend

The company also recently disclosed 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. The ex-dividend date is Monday, August 11th. This represents a $2.84 annualized dividend and a yield of 2.5%. This is a boost from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's payout ratio is 64.40%.

About PPG Industries

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.