Voleon Capital Management LP Cuts Stake in PPG Industries, Inc. $PPG

Key Points

• Voleon Capital Management LP significantly reduced its stake in PPG Industries by 68.4%, owning 9,561 shares after selling 20,666 shares in the first quarter, bringing their holdings' worth to approximately $1,045,000.
• Several hedge funds have either increased or established new stakes in PPG Industries, with Stance Capital LLC boosting its holdings by an impressive 2,375.3%, now owning 35,421 shares valued at around $3,873,000.
• PPG Industries has recently reported a quarterly dividend increase to $0.71, reflecting an annualized dividend of $2.84 with a yield of 2.5%, set to be paid on September 12.

Voleon Capital Management LP cut its stake in PPG Industries, Inc. (NYSE:PPG - Free Report) by 68.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,561 shares of the specialty chemicals company's stock after selling 20,666 shares during the quarter. Voleon Capital Management LP's holdings in PPG Industries were worth $1,045,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new stake in shares of PPG Industries during the first quarter worth about $884,000. Stance Capital LLC increased its holdings in PPG Industries by 2,375.3% in the first quarter. Stance Capital LLC now owns 35,421 shares of the specialty chemicals company's stock valued at $3,873,000 after buying an additional 33,990 shares during the last quarter. UniSuper Management Pty Ltd boosted its stake in PPG Industries by 5.6% in the first quarter. UniSuper Management Pty Ltd now owns 24,935 shares of the specialty chemicals company's stock valued at $2,727,000 after acquiring an additional 1,326 shares during the period. Nissay Asset Management Corp Japan ADV boosted its stake in PPG Industries by 1.5% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 29,859 shares of the specialty chemicals company's stock valued at $3,265,000 after acquiring an additional 439 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in PPG Industries by 4.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,239 shares of the specialty chemicals company's stock worth $3,197,000 after buying an additional 1,360 shares in the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on PPG shares. Royal Bank Of Canada lifted their target price on PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research note on Friday, August 1st. Deutsche Bank Aktiengesellschaft increased their price target on PPG Industries from $125.00 to $140.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Citigroup lifted their price target on PPG Industries from $125.00 to $130.00 and gave the company a "buy" rating in a report on Friday, June 13th. Wells Fargo & Company lifted their price target on PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, UBS Group boosted their target price on PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, PPG Industries presently has an average rating of "Moderate Buy" and a consensus target price of $129.82.

PPG Industries Trading Up 1.3%

PPG Industries stock opened at $111.42 on Tuesday. The business has a 50 day moving average price of $112.40 and a two-hundred day moving average price of $110.22. The company has a quick ratio of 1.04, a current ratio of 1.42 and a debt-to-equity ratio of 0.76. The stock has a market cap of $25.15 billion, a price-to-earnings ratio of 25.27, a price-to-earnings-growth ratio of 2.27 and a beta of 1.14. PPG Industries, Inc. has a 12 month low of $90.24 and a 12 month high of $137.24.

PPG Industries (NYSE:PPG - Get Free Report) last posted 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 firm had revenue of $4.20 billion during the quarter, compared to analysts' expectations of $4.16 billion. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The company's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.50 EPS. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. As a group, equities analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Monday, August 11th will be paid a $0.71 dividend. The ex-dividend date is Monday, August 11th. This represents a $2.84 annualized dividend and a dividend yield of 2.5%. This is an increase from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's dividend payout ratio is currently 64.40%.

PPG Industries Company 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.

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