PPG Industries, Inc. (NYSE:PPG) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE has reduced its stake in PPG Industries by 4.7%, now owning approximately 0.08% of the company, valued at $19.04 million.
• Research analysts have raised their price targets for PPG Industries, with CitiGroup setting a new target of $130 and Wells Fargo raising theirs to $135.
• PPG Industries announced a quarterly dividend increase to $0.71 per share, reflecting a positive change from the previous dividend of $0.68.

US Bancorp DE decreased its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 4.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 174,093 shares of the specialty chemicals company's stock after selling 8,568 shares during the period. US Bancorp DE owned about 0.08% of PPG Industries worth $19,037,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PPG. Park Square Financial Group LLC acquired a new stake in shares of PPG Industries in the fourth quarter valued at about $26,000. CVA Family Office LLC grew its position in shares of 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 purchasing an additional 113 shares during the period. Beacon Capital Management LLC grew its position in shares of PPG Industries by 37.1% in the first quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock valued at $41,000 after purchasing an additional 101 shares during the period. Cromwell Holdings LLC boosted its position in PPG Industries by 88.0% during the first quarter. Cromwell Holdings LLC now owns 393 shares of the specialty chemicals company's stock worth $43,000 after acquiring an additional 184 shares during the last quarter. Finally, CX Institutional acquired a new position in PPG Industries during the first quarter worth about $44,000. Institutional investors and hedge funds own 81.86% of the company's stock.

PPG Industries Stock Performance

PPG Industries stock traded up $0.50 during trading hours on Monday, reaching $104.94. 2,560,095 shares of the stock were exchanged, compared to its average volume of 2,046,243. The stock has a market cap of $23.68 billion, a P/E ratio of 23.80, a P/E/G ratio of 2.15 and a beta of 1.17. 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, Inc. has a 52-week low of $90.24 and a 52-week high of $137.24. The firm's 50 day moving average is $112.95 and its 200 day moving average is $111.59.

PPG Industries (NYSE:PPG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The specialty chemicals company reported $2.22 EPS for the quarter, hitting analysts' consensus estimates of $2.22. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. The company had revenue of $4.20 billion during the quarter, compared to the consensus estimate of $4.16 billion. During the same quarter in the prior year, the firm earned $2.50 EPS. PPG Industries's quarterly revenue was down .9% on a year-over-year basis. Analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The business also recently disclosed 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 2.7%. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. The ex-dividend date is Monday, August 11th. PPG Industries's dividend payout ratio (DPR) is 61.68%.

Wall Street Analysts Forecast Growth

PPG has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Royal Bank Of Canada boosted their price target on shares of PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research note on Friday. Wells Fargo & Company upped 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. Citigroup increased their price objective on shares of PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, PPG Industries presently has a consensus rating of "Moderate Buy" and an average target price 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.