PPG Industries, Inc. (NYSE:PPG) Announces $0.65 Quarterly Dividend

PPG Industries, Inc. (NYSE:PPG) announced a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, May 9th.

PPG Industries has increased its dividend by an average of 6.6% per year over the last three years and has increased its dividend annually for the last 53 consecutive years. PPG Industries has a payout ratio of 27.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 Industries stock opened at $130.92 on Friday. The company has a 50 day moving average of $140.36 and a 200-day moving average of $138.88. PPG Industries has a 1-year low of $120.32 and a 1-year high of $152.89. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. The company has a market cap of $30.81 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.61 and a beta of 1.28.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, April 18th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting the consensus estimate of $1.86. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.82 EPS. As a group, equities research analysts forecast that PPG Industries will post 8.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

PPG has been the subject of several research reports. KeyCorp dropped their price objective on shares of PPG Industries from $167.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, April 9th. Barclays downgraded shares of PPG Industries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $163.00 to $149.00 in a research note on Tuesday, February 27th. Citigroup dropped their price objective on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research note on Wednesday, April 10th. Wolfe Research assumed coverage on shares of PPG Industries in a research report on Friday, March 1st. They issued a “peer perform” rating for the company. Finally, Royal Bank of Canada decreased their price target on shares of PPG Industries from $158.00 to $156.00 and set a “sector perform” rating for the company in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $158.00.

Insider Transactions at PPG Industries

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

Institutional Investors Weigh In On PPG Industries

Large investors have recently bought and sold shares of the stock. Quarry LP acquired a new stake in PPG Industries in the second quarter worth $29,000. Harbour Investments Inc. lifted its stake in shares of PPG Industries by 84.9% in the first quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 101 shares in the last quarter. Clear Street Markets LLC bought a new position in shares of PPG Industries in the fourth quarter valued at $30,000. Parkside Financial Bank & Trust lifted its stake in shares of PPG Industries by 45.8% in the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after buying an additional 87 shares in the last quarter. Finally, Achmea Investment Management B.V. bought a new position in shares of PPG Industries in the first quarter valued at $40,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

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.