PPG Industries, Inc. $PPG Shares Sold by Altrinsic Global Advisors LLC

Key Points

• Altrinsic Global Advisors LLC reduced its stake in PPG Industries by 3.9%, holding 97,948 shares, which represent approximately 0.5% of its total portfolio valued at about $10.71 million.
• PPG Industries has recently been upgraded by multiple analysts, with Wells Fargo raising its price target from $125 to $135 and maintaining an "overweight" rating.
• The company announced a quarterly dividend of $0.71, increasing from the previous $0.68, reflecting a positive outlook with an annualized yield of 2.5%.

Altrinsic Global Advisors LLC trimmed its holdings in PPG Industries, Inc. (NYSE:PPG - Free Report) by 3.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 97,948 shares of the specialty chemicals company's stock after selling 3,923 shares during the period. PPG Industries accounts for approximately 0.5% of Altrinsic Global Advisors LLC's holdings, making the stock its 29th largest holding. Altrinsic Global Advisors LLC's holdings in PPG Industries were worth $10,711,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Quantitative Investment Management LLC acquired a new stake in PPG Industries in the 1st quarter worth about $313,000. Jump Financial LLC boosted its stake in PPG Industries by 1,478.5% in the 1st quarter. Jump Financial LLC now owns 88,587 shares of the specialty chemicals company's stock worth $9,687,000 after buying an additional 82,975 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in PPG Industries in the 1st quarter worth about $127,152,000. Northwestern Mutual Wealth Management Co. boosted its stake in PPG Industries by 50.4% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 20,666 shares of the specialty chemicals company's stock worth $2,260,000 after buying an additional 6,921 shares during the last quarter. Finally, Haverford Trust Co lifted its stake in shares of PPG Industries by 3.3% in the 1st quarter. Haverford Trust Co now owns 6,332 shares of the specialty chemicals company's stock valued at $692,000 after purchasing an additional 200 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PPG shares. Wells Fargo & Company lifted their price objective on PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Fermium Researc raised PPG Industries to a "strong-buy" rating in a research report on Thursday, May 1st. Royal Bank Of Canada boosted their price target on PPG Industries from $115.00 to $117.00 and gave the stock a "sector perform" rating in a research report on Friday, August 1st. UBS Group boosted their price target on PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. Finally, Mizuho boosted their price target on PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $129.82.

PPG Industries Stock Performance

Shares of PPG opened at $112.1790 on Tuesday. The business's 50 day moving average is $112.53 and its two-hundred day moving average is $110.63. PPG Industries, Inc. has a 52-week low of $90.24 and a 52-week high of $137.24. The firm has a market cap of $25.32 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 2.36 and a beta of 1.17. 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 announced its earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $2.22. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. During the same period in the prior year, the company posted $2.50 EPS. PPG Industries's quarterly revenue was down .9% on a year-over-year basis. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. Analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 11th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.5%. 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. PPG Industries's dividend payout ratio is currently 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.

Want to see what other hedge funds are holding PPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PPG Industries, Inc. (NYSE:PPG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.