Burney Co. has decreased its holdings in PPG Industries, Inc. (NYSE: PPG) by 16.8% during the second quarter of 2023, as detailed in its recent filing with the U.S. Securities and Exchange Commission. Following the sale of 870 shares, Burney Co. now owns a total of 4,305 shares in the specialty chemicals company, which were valued at approximately $490,000 at the end of the reporting period.
This reduction in holdings is part of a broader trend among institutional investors adjusting their positions in PPG Industries. Cookson Peirce & Co. Inc. increased its stake by 1.9% during the first quarter, now holding 4,862 shares worth around $532,000 after acquiring 89 additional shares. Similarly, Summit Financial LLC raised its stake by 1.3%, bringing its total to 7,246 shares valued at $792,000, following the purchase of 90 shares.
In a more significant move, Bell Investment Advisors Inc. expanded its holdings in PPG by 40.9%, now owning 355 shares worth $39,000 after acquiring 103 extra shares. Motco also increased its stake by 19.3%, holding 680 shares valued at $74,000 after purchasing 110 shares. Additionally, BKM Wealth Management LLC grew its stake by 2.4%, owning 4,847 shares valued at $530,000 after acquiring 115 shares. Currently, institutional investors own approximately 81.86% of PPG Industries’ stock.
Analysts Adjust Price Targets for PPG Industries
Several financial institutions have recently provided updates on PPG Industries’ stock. On October 14, 2023, Bank of America lowered its price target from $131.00 to $129.00 while maintaining a “neutral” rating. Wells Fargo & Company also revised its price target down from $132.00 to $130.00, designating an “overweight” rating. In contrast, Royal Bank of Canada raised its price objective from $115.00 to $117.00, giving the company a “sector perform” rating.
Citigroup adjusted its price target from $124.00 to $120.00, continuing to rate the stock as a “buy.” Weiss Ratings reaffirmed its “hold (C-)” rating for PPG Industries. Overall, one investment analyst has rated PPG with a Strong Buy, while six have assigned a Buy rating and eight have given it a Hold rating. According to MarketBeat.com, PPG Industries currently holds an average rating of “Moderate Buy” with an average price target of $124.30.
PPG Industries’ Recent Performance and Dividend Announcement
PPG Industries’ stock opened at $96.31 on October 28, 2023. The company has seen fluctuations over the past year, with a low of $90.24 and a high of $130.05. Its fifty-day moving average stands at $104.63, while the 200-day moving average is at $108.95.
The company reported earnings of $2.13 per share for the most recent quarter, surpassing the consensus estimate of $2.09 by $0.04. PPG Industries achieved revenue of $4.08 billion, slightly above the expected $4.06 billion, reflecting a year-on-year revenue increase of 1.2%. The firm has set its fiscal year 2025 guidance at an estimated earnings per share of between $7.600 and $7.700.
PPG Industries also announced a quarterly dividend of $0.71 per share, which will be paid on December 12, 2023, to stockholders of record as of November 10, 2023. This dividend represents an annualized payout of $2.84, yielding approximately 2.9%. The company’s dividend payout ratio is currently 64.40%.
Founded in 1883, PPG Industries, Inc. specializes in manufacturing and distributing paints, coatings, and specialty materials across various sectors, including automotive, commercial transport, and industrial coatings. The company operates through two main segments: Performance Coatings and Industrial Coatings, serving markets in the United States, Canada, Europe, Asia Pacific, and beyond.
