Bank of New York Mellon Corp Lowers Stock Position in PPG Industries, Inc. $PPG

Bank of New York Mellon Corp cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 6.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,518,161 shares of the specialty chemicals company’s stock after selling 99,629 shares during the period. Bank of New York Mellon Corp owned 0.67% of PPG Industries worth $172,691,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PPG. Brighton Jones LLC grew its position in shares of PPG Industries by 9.1% during the fourth 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 during the last quarter. Penserra Capital Management LLC grew its position in shares of PPG Industries by 1,007.5% during the first quarter. Penserra Capital Management LLC now owns 6,756 shares of the specialty chemicals company’s stock worth $738,000 after acquiring an additional 6,146 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of PPG Industries by 0.7% during the first quarter. Envestnet Asset Management Inc. now owns 249,755 shares of the specialty chemicals company’s stock worth $27,311,000 after acquiring an additional 1,697 shares during the last quarter. TD Private Client Wealth LLC grew its position in shares of PPG Industries by 31.6% during the first quarter. TD Private Client Wealth LLC now owns 6,263 shares of the specialty chemicals company’s stock worth $685,000 after acquiring an additional 1,503 shares during the last quarter. Finally, Financial Counselors Inc. grew its position in shares of PPG Industries by 18.1% during the first quarter. Financial Counselors Inc. now owns 3,744 shares of the specialty chemicals company’s stock worth $409,000 after acquiring an additional 575 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Price Performance

PPG Industries stock opened at $96.31 on Thursday. PPG Industries, Inc. has a one year low of $90.24 and a one year high of $130.05. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.47. The business has a fifty day moving average of $104.63 and a two-hundred day moving average of $108.95. The company has a market cap of $21.61 billion, a P/E ratio of 21.84, a price-to-earnings-growth ratio of 2.13 and a beta of 1.16.

PPG Industries (NYSE:PPG) last released its earnings results on Tuesday, October 28th. The specialty chemicals company reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.04. PPG Industries had a return on equity of 24.17% and a net margin of 6.35%.The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter last year, the company earned $2.13 earnings per share. PPG Industries’s quarterly revenue was up 1.2% compared to the same quarter last year. PPG Industries has set its FY 2025 guidance at 7.600-7.700 EPS. As a group, analysts predict that PPG Industries, Inc. will post 7.95 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Monday, November 10th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.84 dividend on an annualized basis and a yield of 2.9%. PPG Industries’s dividend payout ratio (DPR) is 64.40%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PPG. Royal Bank Of Canada increased their price target on PPG Industries from $115.00 to $117.00 and gave the stock a “sector perform” rating in a report on Friday, August 1st. Citigroup decreased their price target on PPG Industries from $124.00 to $120.00 and set a “buy” rating for the company in a report on Monday, October 6th. Mizuho decreased their price target on PPG Industries from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. UBS Group decreased their price target on PPG Industries from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Finally, JPMorgan Chase & Co. raised PPG Industries from a “neutral” rating to an “overweight” rating and set a $112.00 price target for the company in a report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $124.30.

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.