Chicago Partners Investment Group LLC has increased its stake in PPG Industries, Inc. (NYSE: PPG) by 16.2% during the second quarter of 2023. This information was revealed in the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC). Following this adjustment, Chicago Partners now holds 2,343 shares of the specialty chemicals company, having acquired an additional 326 shares during the quarter. As of the latest filing, the value of these holdings is approximately $273,000.
Several other institutional investors have also made recent changes to their positions in PPG Industries. For example, Gladwyn Financial Advisors Inc. purchased a new stake valued at around $31,000. Meanwhile, VELA Investment Management LLC invested approximately $518,000 in shares of PPG Industries during the same period. Additionally, Applied Finance Capital Management LLC raised its stake by 2.1%, now owning 5,821 shares valued at $662,000 after acquiring 121 shares.
Other significant investments include Nordea Investment Management AB, which boosted its stake by 4.8% to own 20,416 shares worth $2,324,000, and Bridges Investment Management Inc., which increased its stake by 12.2% to hold 17,040 shares valued at $1,938,000. Overall, institutional investors collectively own 81.86% of PPG Industries’ stock.
Current Stock Performance and Dividend Announcement
As of Friday, PPG Industries’ stock opened at $103.43. The company has a fifty-day simple moving average of $106.77 and a two-hundred-day simple moving average of $108.86. Key financial ratios include a current ratio of 1.42, a quick ratio of 1.04, and a debt-to-equity ratio of 0.76. PPG Industries boasts a market capitalization of $23.34 billion, a price-to-earnings ratio of 23.45, and a beta of 1.16. Over the past year, the stock has seen a low of $90.24 and a high of $130.05.
In addition to its stock performance, PPG Industries announced a quarterly dividend of $0.71 per share. This will be paid on December 12, 2023, to shareholders on record as of November 10, 2023. The ex-dividend date is also set for November 10. This results in an annualized dividend of $2.84 and a yield of 2.7%, with a dividend payout ratio of 64.40%.
Analyst Ratings and Market Outlook
Recent analyst ratings reflect a cautious yet optimistic perspective on PPG Industries. Citigroup has reduced its price target from $124.00 to $120.00, maintaining a “buy” rating. Similarly, Mizuho has adjusted its target from $135.00 to $125.00, also assigning an “outperform” rating. Conversely, Royal Bank of Canada has slightly raised its price target from $115.00 to $117.00, rating the stock as “sector perform.”
Analysts at UBS Group and Bank of America have both lowered their targets to $115.00 and $129.00, respectively, with “neutral” ratings. Currently, one analyst has given PPG Industries a Strong Buy rating, while six analysts recommend a Buy, and eight others have assigned a Hold rating. According to data from MarketBeat.com, the consensus rating for PPG Industries is “Moderate Buy” with a consensus price target of $125.00.
PPG Industries, Inc. operates globally, manufacturing and distributing paints, coatings, and specialty materials across various regions including the United States, Canada, Asia Pacific, Latin America, Europe, the Middle East, and Africa. The company is divided into two segments: Performance Coatings and Industrial Coatings, catering to a diverse range of industries including automotive, commercial transport, and aviation, among others.
For further insights and updates on PPG Industries, stakeholders can refer to the latest filings and market analyses to stay informed about potential investment opportunities.
