PPG Industries, Inc. to Issue Quarterly Dividend of $0.65 (NYSE:PPG)

PPG Industries, Inc. (NYSE:PPG) declared a quarterly dividend on Friday, April 19th, 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 dividend yield of 1.99%. The ex-dividend date is Thursday, May 9th.

PPG Industries has raised its dividend payment by an average of 6.6% per year over the last three years and has increased its dividend every year for the last 53 years. PPG Industries has a payout ratio of 27.8% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

Shares of PPG stock traded down $4.21 during midday trading on Friday, hitting $130.90. The company had a trading volume of 4,544,679 shares, compared to its average volume of 1,770,405. The company’s 50 day simple moving average is $140.53 and its 200 day simple moving average is $138.87. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89. The stock has a market cap of $30.81 billion, a price-to-earnings ratio of 24.39, a PEG ratio of 1.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last announced 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. The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the business posted $1.82 EPS. Research analysts anticipate that PPG Industries will post 8.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PPG shares. UBS Group reduced their price target on PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a report on Friday. KeyCorp reduced their price target on PPG Industries from $167.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, April 9th. Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $150.00 to $163.00 in a report on Thursday, April 11th. Citigroup reduced their price target on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a report on Wednesday, April 10th. Finally, Redburn Atlantic cut PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price objective for the company. in a report on Thursday, February 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $158.00.

Insiders Place Their Bets

In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PPG Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Money Concepts Capital Corp grew its position in shares of PPG Industries by 2,104.4% in the fourth quarter. Money Concepts Capital Corp now owns 992 shares of the specialty chemicals company’s stock valued at $125,000 after purchasing an additional 947 shares during the period. State of Wyoming purchased a new stake in PPG Industries during the second quarter valued at about $119,000. Salem Investment Counselors Inc. grew its position in PPG Industries by 17.6% during the first quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock valued at $88,000 after acquiring an additional 100 shares during the period. Chilton Capital Management LLC purchased a new stake in PPG Industries during the first quarter valued at about $70,000. Finally, Milestone Investment Advisors LLC purchased a new stake in PPG Industries during the first quarter valued at about $67,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

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.