Assenagon Asset Management S.A. Increases Stock Holdings in PPG Industries, Inc. $PPG

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in PPG Industries by 619.1% during the 2nd quarter, owning approximately 0.27% of the company worth $69.8 million.
• PPG Industries reported a quarterly EPS of $2.22, matching analysts' expectations, while revenues reached $4.20 billion, slightly above forecasts.
• The company announced a quarterly dividend increase to $0.71 per share, reflecting a positive trend with a dividend yield of 2.6%.

Assenagon Asset Management S.A. increased its stake in PPG Industries, Inc. (NYSE:PPG - Free Report) by 619.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 613,412 shares of the specialty chemicals company's stock after purchasing an additional 528,113 shares during the period. Assenagon Asset Management S.A. owned approximately 0.27% of PPG Industries worth $69,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in shares of PPG Industries by 5.6% during the 1st quarter. Wellington Management Group LLP now owns 11,159,203 shares of the specialty chemicals company's stock worth $1,220,259,000 after buying an additional 592,152 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 worth $524,627,000 after buying an additional 1,766,518 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of PPG Industries by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,937,274 shares of the specialty chemicals company's stock worth $321,147,000 after buying an additional 105,973 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of PPG Industries by 3.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,734,270 shares of the specialty chemicals company's stock valued at $298,992,000 after purchasing an additional 85,891 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of PPG Industries by 2.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,174,762 shares of the specialty chemicals company's stock valued at $237,810,000 after purchasing an additional 60,301 shares during the period. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Stock Down 2.9%

Shares of NYSE PPG traded down $3.21 on Tuesday, reaching $106.28. 908,922 shares of the company's stock traded hands, compared to its average volume of 2,013,470. PPG Industries, Inc. has a 12 month low of $90.24 and a 12 month high of $137.24. The business's 50 day simple moving average is $110.78 and its two-hundred day simple moving average is $109.94. The company has a market cap of $23.99 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 2.26 and a beta of 1.14. The company has a quick ratio of 1.04, a current ratio of 1.42 and a debt-to-equity ratio of 0.76.

PPG Industries (NYSE:PPG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share for the quarter, hitting analysts' consensus estimates of $2.22. The business had revenue of $4.20 billion during 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%. The company's revenue was down .9% on a year-over-year basis. During the same period in the prior year, the business posted $2.50 earnings per share. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. As a group, equities research analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Monday, August 11th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.84 dividend on an annualized basis and a yield of 2.7%. This is a boost from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's payout ratio is 64.40%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PPG. UBS Group upped their target price on shares of PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Wells Fargo & Company increased 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. Royal Bank Of Canada raised their target price on shares of PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research report on Friday, August 1st. Citigroup raised their target price on shares of PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, 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 report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, PPG Industries has an average rating of "Moderate Buy" and an average 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.