PPG Industries, Inc. (NYSE:PPG) Announces $0.65 Quarterly Dividend

PPG Industries, Inc. (NYSE:PPG - Get Free Report) declared a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Shareholders of record on Friday, May 10th will be paid a dividend of 0.65 per share by the specialty chemicals company on Wednesday, June 12th. This represents a $2.60 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, May 9th.

PPG Industries has raised its dividend by an average of 6.6% per year over the last three years and has raised its dividend every year for the last 53 years. PPG Industries has a dividend payout ratio of 27.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PPG Industries to earn $9.33 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 27.9%.

PPG Industries Price Performance

NYSE:PPG traded down $4.20 during trading hours on Friday, hitting $130.92. 4,643,208 shares of the stock traded hands, compared to its average volume of 1,771,701. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. PPG Industries has a 1 year low of $120.32 and a 1 year high of $152.89. The company has a market cap of $30.81 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28. The stock has a 50 day moving average price of $140.36 and a 200 day moving average price of $138.88.

PPG Industries (NYSE:PPG - Get Free Report) last posted its earnings results on Thursday, April 18th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting the consensus estimate of $1.86. PPG Industries had a net margin of 6.96% and a return on equity of 23.51%. The company had revenue of $4.31 billion during the quarter, compared to analysts' expectations of $4.43 billion. During the same period last year, the company posted $1.82 earnings per share. PPG Industries's quarterly revenue was down 1.6% on a year-over-year basis. Sell-side analysts forecast that PPG Industries will post 8.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PPG shares. KeyCorp lowered their price target on shares of PPG Industries from $167.00 to $164.00 and set an "overweight" rating for the company in a report on Tuesday, April 9th. Vertical Research raised shares of PPG Industries from a "hold" rating to a "buy" rating in a research report on Wednesday, January 3rd. Royal Bank of Canada reduced their price objective on shares of PPG Industries from $158.00 to $156.00 and set a "sector perform" rating on the stock in a research report on Monday, January 22nd. Wolfe Research assumed coverage on shares of PPG Industries in a research report on Friday, March 1st. They issued a "peer perform" rating on the stock. Finally, Redburn Atlantic lowered shares of PPG Industries from a "buy" rating to a "neutral" rating and set a $160.00 price objective on the stock. in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $158.00.

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares of the company's stock, valued at $4,008,192.66. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PPG Industries

Several institutional investors have recently bought and sold shares of PPG. Quarry LP acquired a new stake in PPG Industries in the second quarter valued at approximately $29,000. Harbour Investments Inc. boosted its stake in PPG Industries by 84.9% in the first quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company's stock valued at $29,000 after acquiring an additional 101 shares in the last quarter. Clear Street Markets LLC acquired a new stake in shares of PPG Industries during the fourth quarter worth $30,000. Parkside Financial Bank & Trust lifted its stake in shares of PPG Industries by 45.8% during the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company's stock worth $36,000 after buying an additional 87 shares during the period. Finally, Achmea Investment Management B.V. acquired a new stake in shares of PPG Industries during the first quarter worth $40,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

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.