USS Investment Management Ltd Sells 10,300 Shares of PPG Industries, Inc. $PPG

Key Points

• USS Investment Management Ltd reduced its holdings in PPG Industries by 20.2%, selling 10,300 shares during the 1st quarter, leaving them with 40,620 shares valued at approximately $4.44 million.
• PPG Industries experienced multiple analyst upgrades, with price targets revised upwards by several firms, leading to a current consensus rating of "Moderate Buy" and an average target price of $129.82.
• The company announced a dividend increase to $0.71 per share, with a yield of 2.5%, indicating strong financial health and commitment to returning value to shareholders.

USS Investment Management Ltd decreased its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 20.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,620 shares of the specialty chemicals company's stock after selling 10,300 shares during the quarter. USS Investment Management Ltd's holdings in PPG Industries were worth $4,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its stake in PPG Industries by 0.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 249,755 shares of the specialty chemicals company's stock worth $27,311,000 after acquiring an additional 1,697 shares during the last quarter. Clear Creek Financial Management LLC bought a new stake in PPG Industries in the 1st quarter worth approximately $240,000. Principal Financial Group Inc. boosted its holdings in shares of PPG Industries by 4.4% in the 1st quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock worth $33,129,000 after purchasing an additional 12,650 shares during the period. Meridian Wealth Management LLC boosted its holdings in shares of PPG Industries by 311.2% in the 1st quarter. Meridian Wealth Management LLC now owns 7,665 shares of the specialty chemicals company's stock worth $838,000 after purchasing an additional 5,801 shares during the period. Finally, Golden State Wealth Management LLC boosted its holdings in shares of PPG Industries by 966.3% in the 1st quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock worth $97,000 after purchasing an additional 802 shares during the period. Institutional investors own 81.86% of the company's stock.

Wall Street Analyst Weigh In

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

PPG Industries Stock Down 0.9%

Shares of PPG traded down $1.04 during midday trading on Friday, reaching $110.79. 1,552,318 shares of the stock were exchanged, compared to its average volume of 2,022,509. PPG Industries, Inc. has a 52 week low of $90.24 and a 52 week high of $137.24. The company has a current ratio of 1.42, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. The company's 50 day moving average is $111.93 and its two-hundred day moving average is $110.20. The company has a market capitalization of $25.00 billion, a P/E ratio of 25.12, a PEG ratio of 2.25 and a beta of 1.14.

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 (EPS) for the quarter, hitting analysts' consensus estimates of $2.22. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The business had revenue of $4.20 billion for the quarter, compared to the consensus estimate of $4.16 billion. During the same quarter in the prior year, the company earned $2.50 EPS. The business's revenue was down .9% compared to the same quarter last year. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, sell-side analysts anticipate that PPG Industries, Inc. will post 7.95 earnings per share for the current 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 given a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, August 11th. This is an increase from PPG Industries's previous quarterly dividend of $0.68. This represents a $2.84 dividend on an annualized basis and a yield of 2.6%. PPG Industries's dividend payout ratio 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.