State Street Corp Buys 1,124,109 Shares of PPG Industries, Inc. $PPG

Key Points

• State Street increased its PPG Industries stake by 8.8%, purchasing 1.12 million additional shares to own 13.87 million shares, or 6.24% of the company. Institutional investors and hedge funds collectively hold 81.86% of PPG’s stock.
• Analysts maintain a generally cautious outlook, with eight Buy ratings and nine Hold ratings. The stock has an average rating of Hold and a consensus price target of $126.44.
• PPG reported quarterly revenue of $4.50 billion, up 7.2% year over year, though EPS of $2.23 slightly missed estimates. The company also raised its quarterly dividend to $0.74 per share, representing a 2.7% annualized yield.

State Street Corp increased its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 8.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,871,116 shares of the specialty chemicals company's stock after purchasing an additional 1,124,109 shares during the quarter. State Street Corp owned 6.24% of PPG Industries worth $1,682,428,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in PPG Industries in the second quarter valued at approximately $26,000. Keating Financial Advisory Services Inc. acquired a new position in PPG Industries during the second quarter valued at approximately $28,000. Community Bank N.A. bought a new stake in PPG Industries during the second quarter worth $28,000. Pin Oak Investment Advisors Inc. bought a new stake in PPG Industries during the second quarter worth $29,000. Finally, Silvant Capital Management LLC acquired a new stake in shares of PPG Industries in the 2nd quarter valued at $30,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PPG shares. BMO Capital Markets decreased their price target on PPG Industries from $140.00 to $138.00 and set an "outperform" rating on the stock in a research note on Monday, July 6th. Bank of America upgraded PPG Industries from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $127.00 to $134.00 in a research report on Friday, July 17th. UBS Group reduced their price objective on PPG Industries from $130.00 to $125.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Royal Bank Of Canada decreased their target price on PPG Industries from $129.00 to $122.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 30th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of PPG Industries in a research note on Monday, September 14th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $126.44.

PPG Industries Stock Performance

Shares of PPG stock opened at $107.84 on Wednesday. The firm has a market capitalization of $23.97 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 1.70 and a beta of 1.07. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. The business's 50-day moving average price is $112.68 and its 200-day moving average price is $111.47. PPG Industries, Inc. has a 12 month low of $93.39 and a 12 month high of $133.43.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $2.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.25 by ($0.02). PPG Industries had a net margin of 9.57% and a return on equity of 21.07%. The business had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter last year, the business earned $2.22 EPS. The firm's quarterly revenue was up 7.2% compared to the same quarter last year. PPG Industries has set its FY 2026 guidance at 7.700-8.100 EPS. Equities research analysts forecast that PPG Industries, Inc. will post 7.89 EPS for the current year.

PPG Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Monday, August 10th were paid a $0.74 dividend. This is a positive change from PPG Industries's previous quarterly dividend of $0.71. This represents a $2.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, August 10th. PPG Industries's payout ratio is presently 42.41%.

PPG Industries Company Profile

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company supplies protective and decorative coatings used in automotive, aerospace, industrial, marine, packaging and consumer applications. Its products are designed to protect surfaces, improve appearance and provide specialized performance characteristics such as corrosion resistance and durability.

PPG's portfolio includes automotive refinish coatings, original-equipment automotive coatings, aerospace coatings, industrial and protective coatings, packaging coatings, and architectural paints and coatings.

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