Rafferty Asset Management LLC Has $1.75 Million Stake in PPG Industries, Inc. $PPG

Key Points

• Rafferty Asset Management LLC has reduced its stake in PPG Industries by 20.5% in Q1, selling 4,135 shares to own a total of 15,995 shares valued at approximately $1.75 million.
• Analysts have raised their target prices for PPG Industries, with Deutsche Bank setting a target of $140, indicating a positive outlook for the stock.
• PPG Industries announced an increase in its quarterly dividend to $0.71 per share, representing an annual yield of 2.6%, up from the previous dividend of $0.68.

Rafferty Asset Management LLC decreased its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 20.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 15,995 shares of the specialty chemicals company's stock after selling 4,135 shares during the period. Rafferty Asset Management LLC's holdings in PPG Industries were worth $1,749,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in 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 purchasing an additional 1,697 shares during the last quarter. Clear Creek Financial Management LLC bought a new stake in PPG Industries during the 1st quarter worth about $240,000. Principal Financial Group Inc. boosted its stake in shares of PPG Industries by 4.4% during the 1st quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock worth $33,129,000 after buying an additional 12,650 shares during the last quarter. Meridian Wealth Management LLC grew its holdings in shares of PPG Industries by 311.2% in the 1st quarter. Meridian Wealth Management LLC now owns 7,665 shares of the specialty chemicals company's stock valued at $838,000 after acquiring an additional 5,801 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in shares of PPG Industries by 966.3% in the 1st quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock valued at $97,000 after acquiring an additional 802 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company's stock.

PPG Industries Stock Performance

Shares of PPG Industries stock traded up $0.12 on Thursday, hitting $109.31. The stock had a trading volume of 708,845 shares, compared to its average volume of 2,017,355. The stock has a market cap of $24.67 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 2.30 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, Inc. has a twelve month low of $90.24 and a twelve month high of $137.24. The business's 50 day moving average is $112.62 and its two-hundred day moving average is $110.47.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, meeting 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 the consensus estimate of $4.16 billion. During the same period in the previous year, the company posted $2.50 EPS. The firm'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 year.

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Monday, August 11th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 2.6%. 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 is currently 64.40%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PPG. UBS Group increased their price target on PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Citigroup increased 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. 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 report on Friday, August 1st. Mizuho upped their price target on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of PPG Industries from $125.00 to $140.00 and gave the company a "buy" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus 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.