Voya Investment Management LLC Sells 3,857 Shares of PPG Industries, Inc. $PPG

Key Points

• Voya Investment Management LLC reduced its stake in PPG Industries by 3.3%, selling 3,857 shares, and now owns 114,699 shares worth approximately $12.54 million.
• PPG Industries reported $2.22 earnings per share for the last quarter, meeting expectations, with a revenue of $4.20 billion, slightly above analysts' forecasts.
• The company recently increased its quarterly dividend to $0.71 per share, reflecting a positive change from the previous $0.68 dividend, with a yield of 2.6% and a payout ratio of 64.40%.

Voya Investment Management LLC lowered its position in PPG Industries, Inc. (NYSE:PPG - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 114,699 shares of the specialty chemicals company's stock after selling 3,857 shares during the period. Voya Investment Management LLC owned 0.05% of PPG Industries worth $12,542,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cookson Peirce & Co. Inc. grew its position in PPG Industries by 1.9% during the first quarter. Cookson Peirce & Co. Inc. now owns 4,862 shares of the specialty chemicals company's stock valued at $532,000 after acquiring an additional 89 shares during the last quarter. Summit Financial LLC grew its position in PPG Industries by 1.3% during the first quarter. Summit Financial LLC now owns 7,246 shares of the specialty chemicals company's stock valued at $792,000 after acquiring an additional 90 shares during the last quarter. Conning Inc. grew its position in PPG Industries by 5.5% during the first quarter. Conning Inc. now owns 1,881 shares of the specialty chemicals company's stock valued at $206,000 after acquiring an additional 98 shares during the last quarter. Beacon Capital Management LLC boosted its holdings in PPG Industries by 37.1% during the 1st quarter. Beacon Capital Management LLC now owns 373 shares of the specialty chemicals company's stock valued at $41,000 after acquiring an additional 101 shares during the period. Finally, Bell Investment Advisors Inc boosted its holdings in PPG Industries by 40.9% during the 1st quarter. Bell Investment Advisors Inc now owns 355 shares of the specialty chemicals company's stock valued at $39,000 after acquiring an additional 103 shares during the period. Institutional investors own 81.86% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PPG shares. Royal Bank Of Canada increased their target price on PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a report on Friday, August 1st. Citigroup increased their target price 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 upped their price target on PPG Industries from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Mizuho upped their price target on PPG Industries from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, UBS Group upped their price target on PPG Industries from $111.00 to $125.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. One investment 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 MarketBeat, PPG Industries has a consensus rating of "Moderate Buy" and an average price target of $129.82.

PPG Industries Stock Up 0.4%

Shares of NYSE:PPG traded up $0.46 during trading on Friday, hitting $109.48. The stock had a trading volume of 1,676,434 shares, compared to its average volume of 2,005,369. PPG Industries, Inc. has a 12 month low of $90.24 and a 12 month high of $137.24. The company has a market capitalization of $24.71 billion, a PE ratio of 24.82, a PEG ratio of 2.23 and a beta of 1.14. The firm's fifty day moving average is $111.08 and its 200 day moving average is $110.05. The company has a quick ratio of 1.04, a current ratio of 1.42 and a debt-to-equity ratio of 0.76.

PPG Industries (NYSE:PPG - Get Free Report) last announced its earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The firm had revenue of $4.20 billion during the quarter, compared to analyst estimates 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. Analysts anticipate that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 11th were given a $0.71 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $2.84 annualized dividend and a dividend yield of 2.6%. This is an increase from PPG Industries's previous quarterly dividend of $0.68. PPG Industries's dividend payout ratio is currently 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.