PPG Industries, Inc. (NYSE:PPG) Raises Dividend to $0.71 Per Share

PPG Industries, Inc. (NYSE:PPG) announced a quarterly dividend on Thursday, July 17th, RTT News reports. Stockholders of record on Monday, August 11th will be given a dividend of 0.71 per share by the specialty chemicals company on Friday, September 12th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.45%. This is a 4.4% increase from PPG Industries’s previous quarterly dividend of $0.68.

PPG Industries has a payout ratio of 32.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect PPG Industries to earn $8.86 per share next year, which means the company should continue to be able to cover its $2.72 annual dividend with an expected future payout ratio of 30.7%.

PPG Industries Price Performance

NYSE PPG opened at $116.11 on Friday. The stock has a market capitalization of $26.36 billion, a P/E ratio of 24.86, a P/E/G ratio of 2.42 and a beta of 1.16. PPG Industries has a 1 year low of $90.24 and a 1 year high of $137.24. The business’s fifty day moving average is $113.07 and its two-hundred day moving average is $112.07. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.99 and a current ratio of 1.35.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.10. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.67 billion. PPG Industries had a net margin of 6.49% and a return on equity of 24.84%. PPG Industries’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.87 EPS. On average, research analysts forecast that PPG Industries will post 7.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PPG. UBS Group upped their price objective on shares of PPG Industries from $111.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 9th. Fermium Researc raised shares of PPG Industries to a “strong-buy” rating in a research note on Thursday, May 1st. Citigroup lifted their price target on shares of PPG Industries from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, June 13th. Wells Fargo & Company lifted their price target on shares of PPG Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Finally, Bank of America reissued a “neutral” rating and set a $126.00 price target (down from $143.00) on shares of PPG Industries in a research report on Tuesday, April 15th. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.42.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its stake in PPG Industries by 31.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 3,849 shares of the specialty chemicals company’s stock worth $421,000 after purchasing an additional 920 shares in the last quarter. Brighton Jones LLC increased its holdings in PPG Industries by 9.1% in the 4th quarter. Brighton Jones LLC now owns 4,075 shares of the specialty chemicals company’s stock worth $487,000 after acquiring an additional 339 shares in the last quarter. Woodline Partners LP increased its holdings in PPG Industries by 40.7% in the 1st quarter. Woodline Partners LP now owns 19,600 shares of the specialty chemicals company’s stock worth $2,143,000 after acquiring an additional 5,667 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in PPG Industries by 6.1% in the 1st quarter. Empowered Funds LLC now owns 26,354 shares of the specialty chemicals company’s stock worth $2,882,000 after purchasing an additional 1,526 shares during the period. 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.