Pzena Investment Management LLC Buys 379,879 Shares of PPG Industries, Inc. $PPG

Key Points

• Pzena Investment Management increased its stake in PPG Industries by 5.4% in the first quarter, buying 379,879 additional shares and bringing its holdings to 7,478,646 shares worth about $799.3 million.
• Analysts remain cautious overall on PPG, with a consensus rating of “Hold” and an average price target of $124.40, even as some firms recently adjusted their targets up or down.
• PPG reported better-than-expected quarterly results, posting EPS of $1.83 versus the $1.78 estimate and revenue of $3.93 billion, while also maintaining a quarterly dividend of $0.71 per share.

Pzena Investment Management LLC grew its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 5.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,478,646 shares of the specialty chemicals company's stock after purchasing an additional 379,879 shares during the quarter. PPG Industries comprises approximately 2.6% of Pzena Investment Management LLC's investment portfolio, making the stock its 16th biggest holding. Pzena Investment Management LLC owned about 3.34% of PPG Industries worth $799,318,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of PPG Industries by 19.9% during the 3rd quarter. Wellington Management Group LLP now owns 15,159,770 shares of the specialty chemicals company's stock valued at $1,593,443,000 after buying an additional 2,521,004 shares during the last quarter. State Street Corp lifted its stake in shares of PPG Industries by 4.6% in the fourth quarter. State Street Corp now owns 12,829,677 shares of the specialty chemicals company's stock worth $1,314,529,000 after buying an additional 565,523 shares in the last quarter. Franklin Resources Inc. boosted its stake in PPG Industries by 48.9% during the fourth quarter. Franklin Resources Inc. now owns 6,990,595 shares of the specialty chemicals company's stock worth $716,256,000 after buying an additional 2,295,118 shares during the last quarter. First Eagle Investment Management LLC grew its stake in shares of PPG Industries by 0.4% in the 4th quarter. First Eagle Investment Management LLC now owns 6,290,622 shares of the specialty chemicals company's stock valued at $644,537,000 after buying an additional 26,793 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of PPG Industries by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 5,809,127 shares of the specialty chemicals company's stock worth $592,859,000 after purchasing an additional 135,529 shares during the period. 81.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. The Goldman Sachs Group dropped their target price on PPG Industries from $134.00 to $130.00 in a research report on Friday, May 1st. Royal Bank Of Canada restated a "sector perform" rating and issued a $119.00 price objective on shares of PPG Industries in a research note on Wednesday, June 10th. Citigroup lifted their target price on shares of PPG Industries from $114.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Jefferies Financial Group dropped their price objective on PPG Industries from $125.00 to $116.00 and set a "hold" rating on the stock in a report on Thursday, March 26th. Finally, Mizuho boosted their price objective on shares of PPG Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday. Six research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, PPG Industries presently has a consensus rating of "Hold" and a consensus target price of $124.40.

PPG Industries Stock Performance

PPG Industries stock opened at $122.65 on Thursday. The stock's 50-day moving average is $112.56 and its 200-day moving average is $111.66. PPG Industries, Inc. has a 12 month low of $93.39 and a 12 month high of $133.43. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.61 and a quick ratio of 1.17. The company has a market cap of $27.34 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05.

PPG Industries (NYSE:PPG - Get Free Report) last posted its earnings results on Tuesday, April 28th. The specialty chemicals company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.05. PPG Industries had a net margin of 9.83% and a return on equity of 21.68%. The business had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the previous year, the business posted $1.72 EPS. The business's quarterly revenue was up 6.7% on a year-over-year basis. PPG Industries has set its FY 2026 guidance at 7.700-8.100 EPS. Equities analysts anticipate that PPG Industries, Inc. will post 7.92 earnings per share for the current year.

PPG Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Monday, May 11th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, May 11th. PPG Industries's payout ratio is presently 40.51%.

About PPG Industries

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG's product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.

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