Whittier Trust Co. Cuts Stock Position in PPG Industries, Inc. $PPG

Key Points

• Whittier Trust Co. has reduced its holdings in PPG Industries by 40.6% in the second quarter, now owning 7,138 shares valued at $812,000.
• Multiple institutional investors have adjusted their stakes in PPG, with Wellington Management increasing their position by 5.6% and Price T Rowe Associates raising theirs by 58.3%.
• Analysts have recently lowered their price targets for PPG, with Mizuho reducing it from $135.00 to $125.00 while maintaining an "outperform" rating not just from them but also from other analysts.

Whittier Trust Co. cut its holdings in PPG Industries, Inc. (NYSE:PPG - Free Report) by 40.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,138 shares of the specialty chemicals company's stock after selling 4,871 shares during the quarter. Whittier Trust Co.'s holdings in PPG Industries were worth $812,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Wellington Management Group LLP increased its position in shares of PPG Industries by 5.6% in the first quarter. Wellington Management Group LLP now owns 11,159,203 shares of the specialty chemicals company's stock valued at $1,220,259,000 after buying an additional 592,152 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of PPG Industries by 58.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,797,682 shares of the specialty chemicals company's stock worth $524,627,000 after purchasing an additional 1,766,518 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of PPG Industries by 3.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,937,274 shares of the specialty chemicals company's stock worth $321,147,000 after purchasing an additional 105,973 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of PPG Industries by 3.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,734,270 shares of the specialty chemicals company's stock worth $298,992,000 after purchasing an additional 85,891 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of PPG Industries by 2.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,174,762 shares of the specialty chemicals company's stock worth $237,810,000 after purchasing an additional 60,301 shares in the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PPG has been the subject of several research reports. Mizuho dropped their price target 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. Weiss Ratings reiterated a "hold (c)" rating on shares of PPG Industries in a research report on Wednesday, October 8th. Bank of America dropped their price target on PPG Industries from $131.00 to $129.00 and set a "neutral" rating for the company in a research report on Tuesday, October 14th. UBS Group dropped their price target 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. Finally, Wells Fargo & Company dropped their price target on PPG Industries from $135.00 to $132.00 and set an "overweight" rating for the company in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, PPG Industries presently has an average rating of "Moderate Buy" and an average target price of $125.00.

PPG Industries Stock Performance

NYSE PPG opened at $103.50 on Friday. The stock's fifty day moving average is $106.94 and its two-hundred day moving average is $108.78. The firm has a market capitalization of $23.36 billion, a P/E ratio of 23.47, a price-to-earnings-growth ratio of 2.15 and a beta of 1.16. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.42. PPG Industries, Inc. has a fifty-two week low of $90.24 and a fifty-two week high of $130.05.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share for the quarter, hitting analysts' consensus estimates of $2.22. The company had revenue of $4.20 billion for the quarter, compared to analyst estimates of $4.16 billion. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The firm's revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.50 earnings per share. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, research analysts anticipate that PPG Industries, Inc. will post 7.95 earnings per share for the current year.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Monday, November 10th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, November 10th. PPG Industries's dividend payout ratio is 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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