Royal Bank of Canada Sells 329,510 Shares of PPG Industries, Inc. $PPG

Key Points

• Royal Bank of Canada reduced its stake in PPG Industries by 39.2%, selling 329,510 shares, resulting in ownership of 510,759 shares valued at approximately $55.85 million.
• PPG Industries reported earnings of $2.22 EPS for the last quarter, meeting analysts' expectations, with a revenue of $4.20 billion, slightly above estimates.
• The company increased its quarterly dividend from $0.68 to $0.71, resulting in an annualized yield of 2.6%.

Royal Bank of Canada reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 39.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 510,759 shares of the specialty chemicals company's stock after selling 329,510 shares during the quarter. Royal Bank of Canada owned 0.23% of PPG Industries worth $55,851,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PPG. Cookson Peirce & Co. Inc. boosted its stake in shares of PPG Industries by 1.9% in the 1st quarter. Cookson Peirce & Co. Inc. now owns 4,862 shares of the specialty chemicals company's stock valued at $532,000 after purchasing an additional 89 shares in the last quarter. Summit Financial LLC boosted its position in PPG Industries by 1.3% in the first quarter. Summit Financial LLC now owns 7,246 shares of the specialty chemicals company's stock valued at $792,000 after buying an additional 90 shares in the last quarter. LRI Investments LLC boosted its position in PPG Industries by 25.3% in the fourth quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company's stock valued at $54,000 after buying an additional 92 shares in the last quarter. Conning Inc. grew its stake in shares of PPG Industries by 5.5% during the first quarter. Conning Inc. now owns 1,881 shares of the specialty chemicals company's stock worth $206,000 after buying an additional 98 shares during the last quarter. Finally, Beacon Capital Management LLC increased its holdings in shares of PPG Industries by 37.1% during the first quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock worth $41,000 after buying an additional 101 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Mizuho raised their price objective on PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Citigroup lifted their price target on PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Wells Fargo & Company boosted their price target on PPG Industries from $125.00 to $135.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Royal Bank Of Canada raised their price objective on shares of PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a report on Friday, August 1st. Finally, UBS Group lifted their target price on shares of PPG Industries from $111.00 to $125.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, PPG Industries has a consensus rating of "Moderate Buy" and an average price target of $129.82.

PPG Industries Trading Down 0.5%

NYSE PPG traded down $0.52 during trading hours on Wednesday, hitting $108.87. 1,423,545 shares of the company's stock were exchanged, compared to its average volume of 1,456,941. The stock has a 50-day simple moving average of $112.06 and a 200 day simple moving average of $110.21. The firm has a market cap of $24.57 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 2.26 and a beta of 1.14. The company has a current ratio of 1.42, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24.

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 for the quarter, compared to the consensus estimate of $4.16 billion. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The firm's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the business earned $2.50 EPS. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, equities analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Monday, August 11th will be paid a $0.71 dividend. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. The ex-dividend date is Monday, August 11th. This represents a $2.84 annualized dividend and a yield of 2.6%. PPG Industries's dividend payout ratio (DPR) is 64.40%.

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.