Ensign Peak Advisors Inc Reduces Holdings in PPG Industries, Inc. $PPG

by · The Cerbat Gem

Ensign Peak Advisors Inc lowered its position in PPG Industries, Inc. (NYSE:PPG – Free Report) by 29.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,949 shares of the specialty chemicals company’s stock after selling 15,178 shares during the quarter. Ensign Peak Advisors Inc’s holdings in PPG Industries were worth $4,089,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in PPG Industries by 58.3% during the first 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 during the period. Hotchkis & Wiley Capital Management LLC purchased a new position in PPG Industries in the 1st quarter valued at approximately $127,152,000. First Eagle Investment Management LLC raised its holdings in PPG Industries by 21.2% during the 2nd quarter. First Eagle Investment Management LLC now owns 5,560,280 shares of the specialty chemicals company’s stock valued at $632,482,000 after acquiring an additional 971,799 shares during the period. Nuveen LLC bought a new stake in shares of PPG Industries during the 1st quarter valued at $79,881,000. Finally, Wellington Management Group LLP lifted its holdings 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. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Stock Performance

NYSE PPG opened at $99.57 on Wednesday. PPG Industries, Inc. has a 52-week low of $90.24 and a 52-week high of $130.05. The company has a fifty day moving average of $100.83 and a 200-day moving average of $108.04. The company has a market capitalization of $22.34 billion, a P/E ratio of 22.58, a P/E/G ratio of 2.13 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.47.

PPG Industries (NYSE:PPG – Get Free Report) last released its quarterly earnings results on Tuesday, October 28th. The specialty chemicals company reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.04. The business had revenue of $4.08 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the business posted $2.13 earnings per share. PPG Industries has set its FY 2025 guidance at 7.600-7.700 EPS. As a group, equities research analysts predict that PPG Industries, Inc. will post 7.95 EPS for the current fiscal year.

PPG Industries Dividend Announcement

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 issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, November 10th. PPG Industries’s payout ratio is presently 64.40%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PPG. Zacks Research cut PPG Industries from a “hold” rating to a “strong sell” rating in a research report on Monday, November 10th. Mizuho cut their price target on shares of PPG Industries from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. Citigroup reduced their price target on shares of PPG Industries from $124.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 6th. JPMorgan Chase & Co. increased their price objective on PPG Industries from $112.00 to $117.00 and gave the stock an “overweight” rating in a research report on Friday, November 21st. Finally, Evercore ISI reduced their target price on PPG Industries from $145.00 to $112.00 and set an “in-line” rating for the company in a research report on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $123.64.

Read Our Latest Stock Analysis on PPG

PPG Industries Company Profile

(Free Report)

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.

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