State of Michigan Retirement System Reduces Stock Position in PPG Industries, Inc. $PPG

State of Michigan Retirement System lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 2.0% in the second quarter, HoldingsChannel reports. The firm owned 63,943 shares of the specialty chemicals company’s stock after selling 1,300 shares during the quarter. State of Michigan Retirement System’s holdings in PPG Industries were worth $7,274,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PPG. Price T Rowe Associates Inc. MD increased its position in PPG Industries by 58.3% during the 1st 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. Hotchkis & Wiley Capital Management LLC purchased a new stake in PPG Industries during the 1st quarter worth about $127,152,000. Pzena Investment Management LLC purchased a new stake in PPG Industries during the 1st quarter worth about $105,349,000. Nuveen LLC purchased a new stake in PPG Industries during the 1st quarter worth about $79,881,000. Finally, Wellington Management Group LLP increased its position in PPG Industries by 5.6% during the 1st quarter. Wellington Management Group LLP now owns 11,159,203 shares of the specialty chemicals company’s stock worth $1,220,259,000 after purchasing an additional 592,152 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Citigroup decreased their price target on PPG Industries from $124.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 6th. Royal Bank Of Canada raised their price target on PPG Industries from $115.00 to $117.00 and gave the stock a “sector perform” rating in a research note on Friday, August 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of PPG Industries in a research note on Friday. JPMorgan Chase & Co. raised shares of PPG Industries from a “neutral” rating to an “overweight” rating and set a $112.00 price target on the stock in a research note on Thursday, October 16th. Finally, Bank of America cut their price target on shares of PPG Industries from $131.00 to $129.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 14th. One research 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $124.30.

PPG Industries Stock Performance

NYSE PPG opened at $94.97 on Tuesday. The firm has a market capitalization of $21.31 billion, a P/E ratio of 21.54, a P/E/G ratio of 2.13 and a beta of 1.16. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $130.05. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.47 and a quick ratio of 1.04. The business’s 50-day simple moving average is $105.31 and its 200-day simple moving average is $109.07.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Tuesday, October 28th. The specialty chemicals company reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.04. The business 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 company’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 EPS. PPG Industries has set its FY 2025 guidance at 7.600-7.700 EPS. Equities analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Announces Dividend

The company 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 $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, November 10th. PPG Industries’s payout ratio is currently 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.