Vest Financial LLC Increases Stake in PPG Industries, Inc. $PPG

Key Points

• Vest Financial LLC increased its stake in PPG Industries by 17.4% during Q2, acquiring an additional 78,022 shares, raising its total to 526,269 shares, which constitutes 0.8% of its portfolio.
• Research analysts have lowered their target prices for PPG Industries, with UBS reducing it from $125.00 to $115.00 and Mizuho from $135.00 to $125.00, while maintaining varying ratings.
• PPG Industries announced a quarterly dividend increase from $0.68 to $0.71, representing a dividend yield of 2.9% and a payout ratio of 64.40%.

Vest Financial LLC grew its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 17.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 526,269 shares of the specialty chemicals company's stock after acquiring an additional 78,022 shares during the quarter. PPG Industries comprises about 0.8% of Vest Financial LLC's portfolio, making the stock its 28th largest position. Vest Financial LLC owned 0.23% of PPG Industries worth $59,863,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its stake in shares of PPG Industries by 0.7% during 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 shares of PPG Industries during the 1st quarter worth approximately $240,000. Principal Financial Group Inc. lifted its stake in shares of PPG Industries by 4.4% during the 1st quarter. Principal Financial Group Inc. now owns 302,962 shares of the specialty chemicals company's stock worth $33,129,000 after acquiring an additional 12,650 shares during the last quarter. Meridian Wealth Management LLC lifted its stake in shares of PPG Industries by 311.2% during the 1st quarter. Meridian Wealth Management LLC now owns 7,665 shares of the specialty chemicals company's stock worth $838,000 after acquiring an additional 5,801 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its position in PPG Industries by 966.3% during the 1st quarter. Golden State Wealth Management LLC now owns 885 shares of the specialty chemicals company's stock valued at $97,000 after purchasing an additional 802 shares in the last quarter. 81.86% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PPG has been the subject of a number of research analyst reports. UBS Group decreased their target price on PPG Industries from $125.00 to $115.00 and set a "neutral" rating for the company in a research report on Monday, October 6th. Mizuho decreased their target price on PPG Industries from $135.00 to $125.00 and set an "outperform" rating for the company in a research report on Friday, October 3rd. Citigroup decreased their target price on PPG Industries from $124.00 to $120.00 and set a "buy" rating for the company in a research report on Monday, October 6th. Wells Fargo & Company cut their price target on PPG Industries from $135.00 to $132.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Royal Bank Of Canada lifted their price target on PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $126.82.

PPG Industries Stock Down 1.2%

Shares of PPG stock opened at $98.45 on Monday. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $132.18. The stock's fifty day moving average price is $108.07 and its 200 day moving average price is $109.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.04. The company has a market cap of $22.22 billion, a price-to-earnings ratio of 22.32, a price-to-earnings-growth ratio of 2.04 and a beta of 1.16.

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, 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 company had revenue of $4.20 billion during the quarter, compared to analysts' expectations of $4.16 billion. During the same quarter in the previous year, the firm posted $2.50 EPS. The firm'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, research analysts expect that PPG Industries, Inc. will post 7.95 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 11th were issued a $0.71 dividend. This is a boost from PPG Industries's previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. PPG Industries's payout ratio is presently 64.40%.

About PPG Industries

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.

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