New York State Common Retirement Fund Cuts Stock Position in PPG Industries, Inc. $PPG

New York State Common Retirement Fund decreased its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 5.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 177,426 shares of the specialty chemicals company’s stock after selling 9,969 shares during the quarter. New York State Common Retirement Fund owned about 0.08% of PPG Industries worth $20,182,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Capital Advisors Ltd. LLC increased its stake in PPG Industries by 127.6% during the second quarter. Capital Advisors Ltd. LLC now owns 223 shares of the specialty chemicals company’s stock worth $25,000 after acquiring an additional 125 shares during the last quarter. Cheviot Value Management LLC purchased a new position in shares of PPG Industries in the 1st quarter worth approximately $26,000. Headlands Technologies LLC bought a new position in shares of PPG Industries during the 1st quarter valued at approximately $30,000. Gladwyn Financial Advisors Inc. purchased a new stake in PPG Industries during the 2nd quarter valued at $31,000. Finally, Vermillion & White Wealth Management Group LLC raised its holdings in PPG Industries by 100.7% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 273 shares of the specialty chemicals company’s stock valued at $31,000 after buying an additional 137 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Trading Down 0.1%

PPG opened at $99.96 on Tuesday. PPG Industries, Inc. has a 52 week low of $90.24 and a 52 week high of $130.05. The company has a market capitalization of $22.43 billion, a P/E ratio of 22.67, a PEG ratio of 2.13 and a beta of 1.19. The stock’s fifty day moving average is $100.10 and its two-hundred day moving average is $107.68. The company has a quick ratio of 1.04, a current ratio of 1.47 and a debt-to-equity ratio of 0.76.

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

PPG Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Monday, November 10th will be paid a dividend of $0.71 per share. The ex-dividend date is Monday, November 10th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.8%. PPG Industries’s dividend payout ratio (DPR) is currently 64.40%.

Analysts Set New Price Targets

PPG has been the subject of several recent analyst reports. Sanford C. Bernstein dropped their price objective on shares of PPG Industries from $129.00 to $123.00 and set an “outperform” rating for the company in a research note on Monday, November 24th. Evercore ISI cut their price target on shares of PPG Industries from $145.00 to $112.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. Bank of America dropped their target price 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. Mizuho decreased their price target on PPG Industries from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. Finally, Citigroup cut their price objective on PPG Industries from $124.00 to $120.00 and set a “buy” rating on the stock in a research report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $123.58.

PPG Industries 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.