US Bancorp DE Lowers Stock Holdings in PPG Industries, Inc. $PPG

Key Points

• US Bancorp DE has reduced its stake in PPG Industries, Inc. by 11.8%, resulting in ownership of approximately 153,475 shares worth $17.5 million.
• Brokerage firms have mixed opinions on PPG, with target price adjustments including a downgrade from UBS Group (from $125 to $115) and an upgrade from Royal Bank of Canada (from $115 to $117).
• PPG Industries recently increased its quarterly dividend to $0.71 per share, reflecting a 2.9% annual yield and a payout ratio of 64.4%.

US Bancorp DE decreased its position in shares of PPG Industries, Inc. (NYSE:PPG - Free Report) by 11.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 153,475 shares of the specialty chemicals company's stock after selling 20,618 shares during the quarter. US Bancorp DE owned approximately 0.07% of PPG Industries worth $17,458,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PPG. Cheviot Value Management LLC purchased a new stake in PPG Industries in the 1st quarter worth $26,000. CVA Family Office LLC lifted its stake in PPG Industries by 70.6% in the 1st quarter. CVA Family Office LLC now owns 273 shares of the specialty chemicals company's stock worth $30,000 after purchasing an additional 113 shares in the last quarter. Headlands Technologies LLC purchased a new stake in PPG Industries in the 1st quarter worth $30,000. Financial Connections Group Inc. lifted its stake in PPG Industries by 74.6% in the 1st quarter. Financial Connections Group Inc. now owns 351 shares of the specialty chemicals company's stock worth $38,000 after purchasing an additional 150 shares in the last quarter. Finally, Bell Investment Advisors Inc lifted its stake in PPG Industries by 40.9% in the 1st quarter. Bell Investment Advisors Inc now owns 355 shares of the specialty chemicals company's stock worth $39,000 after purchasing an additional 103 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on PPG. Weiss Ratings reiterated a "hold (c)" rating on shares of PPG Industries in a research note on Wednesday. Royal Bank Of Canada upped their target price on shares of PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research report on Friday, August 1st. UBS Group decreased their target price on shares of PPG Industries from $125.00 to $115.00 and set a "neutral" rating on the stock in a research report on Monday, October 6th. Mizuho decreased their target price on shares of PPG Industries from $135.00 to $125.00 and set an "outperform" rating on the stock in a research report on Friday, October 3rd. Finally, Citigroup decreased their target price on shares of PPG Industries from $124.00 to $120.00 and set a "buy" rating on the stock in a research report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $126.82.

PPG Industries Stock Performance

Shares of NYSE:PPG opened at $98.45 on Friday. The company has a market capitalization of $22.22 billion, a price-to-earnings ratio of 22.32, a PEG ratio of 2.06 and a beta of 1.16. PPG Industries, Inc. has a 12 month low of $90.24 and a 12 month high of $132.18. The firm's 50-day moving average is $108.07 and its 200 day moving average is $109.07. 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 (NYSE:PPG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. The company had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.16 billion. PPG Industries had a net margin of 6.25% and a return on equity of 23.85%. The firm's revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.50 EPS. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. Research analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 11th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, August 11th. This is a positive change from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.