Procyon Advisors LLC Reduces Holdings in PPG Industries, Inc. $PPG

Key Points

• Procyon Advisors LLC reduced its stake in PPG Industries by 37.8% in the second quarter, selling 6,515 shares and holding a total of 10,720 shares valued at approximately $1.22 million.
• PPG Industries reported a quarterly earnings of $2.22 per share, matching analysts' expectations, but showed a revenue decline of 0.9% from the previous year, totaling $4.20 billion.
• The company has recently increased its quarterly dividend from $0.68 to $0.71 per share, resulting in an annualized dividend of $2.84 and a yield of 2.6%.

Procyon Advisors LLC cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 37.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,720 shares of the specialty chemicals company's stock after selling 6,515 shares during the period. Procyon Advisors LLC's holdings in PPG Industries were worth $1,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new position in PPG Industries during the fourth quarter valued at $26,000. Cheviot Value Management LLC purchased a new position in PPG Industries in the first quarter valued at $26,000. CVA Family Office LLC increased its holdings in PPG Industries by 70.6% in the first quarter. CVA Family Office LLC now owns 273 shares of the specialty chemicals company's stock valued at $30,000 after buying an additional 113 shares in the last quarter. Headlands Technologies LLC purchased a new position in PPG Industries in the first quarter valued at $30,000. Finally, Financial Connections Group Inc. increased its holdings in PPG Industries by 74.6% in the first quarter. Financial Connections Group Inc. now owns 351 shares of the specialty chemicals company's stock valued at $38,000 after buying an additional 150 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Stock Performance

Shares of PPG stock traded up $0.46 during mid-day trading on Friday, hitting $109.48. 3,617,791 shares of the stock were exchanged, compared to its average volume of 2,018,124. The stock's fifty day simple moving average is $111.08 and its two-hundred day simple moving average is $110.05. The stock has a market capitalization of $24.71 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 2.23 and a beta of 1.14. 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 quick ratio of 1.04 and a current ratio of 1.42.

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 for the quarter, hitting the consensus estimate of $2.22. The business had revenue of $4.20 billion during 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%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.50 earnings per share. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 11th were given a $0.71 dividend. The ex-dividend date was Monday, August 11th. This is an increase from PPG Industries's previous quarterly dividend of $0.68. This represents a $2.84 dividend on an annualized basis and a yield of 2.6%. PPG Industries's payout ratio is 64.40%.

Wall Street Analyst Weigh In

PPG has been the subject of a number of research reports. Royal Bank Of Canada boosted their target price on shares of PPG Industries from $115.00 to $117.00 and gave the stock a "sector perform" rating in a research note on Friday, August 1st. Mizuho boosted their target price on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Wells Fargo & Company boosted their target price on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. UBS Group upped their price objective on PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Finally, Citigroup upped their price objective on PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a report on Friday, June 13th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently 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.