Montag A & Associates Inc. has reduced its stake in PPG Industries, Inc. (NYSE: PPG) by 5.8% during the first quarter of the year. According to its latest 13F filing with the Securities and Exchange Commission, the firm now holds 15,560 shares of the specialty chemicals company following the sale of 965 shares over the quarter. As of the end of the reporting period, Montag A & Associates’ holdings in PPG Industries were valued at approximately $1.701 million.
Several other institutional investors have also adjusted their positions in PPG Industries. For instance, Park Square Financial Group LLC acquired a new stake valued at around $26,000 during the fourth quarter. Meanwhile, CVA Family Office LLC increased its holdings by 70.6% in the first quarter, now owning 273 shares worth $30,000 after purchasing an additional 113 shares. Other notable changes include Prudent Man Investment Management Inc., which also bought a new position valued at $36,000 in the fourth quarter, and Beacon Capital Management LLC, which boosted its stake by 37.1% in the first quarter. Currently, institutional investors own 81.86% of PPG’s stock.
Market Performance and Dividend Announcement
On Monday, shares of PPG opened at $114.51. The company boasts a market capitalization of $25.99 billion and a price-to-earnings (P/E) ratio of 24.52. PPG’s performance over the past year has seen a low of $90.24 and a high of $137.24. Its 50-day moving average stands at $113.18, while the 200-day moving average is at $111.96. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.99, and a current ratio of 1.35.
In addition to its stock performance, PPG Industries has also announced an increase in its quarterly dividend. Shareholders of record as of August 11, 2023, will receive a dividend of $0.71 per share, payable on September 12, 2023. This marks an increase from the previous quarterly dividend of $0.68, resulting in an annualized dividend of $2.84 and a dividend yield of 2.48%. PPG’s current payout ratio is 58.24%.
Analyst Ratings and Future Outlook
Recent analyses from financial institutions have varied perspectives on PPG shares. Bank of America maintained a “neutral” rating with a revised price target of $126.00, down from $143.00. On the other hand, JPMorgan Chase & Co. lowered its price target from $115.00 to $105.00 while also rating the stock as “neutral.” Conversely, UBS Group raised its target from $111.00 to $125.00, maintaining a “neutral” stance.
Further supporting PPG’s potential, Citigroup increased its target from $125.00 to $130.00, alongside a “buy” rating. Notably, Fermium Research upgraded PPG Industries to a “strong-buy” rating. Overall, nine analysts have issued hold ratings, six have given buy ratings, and one has assigned a strong buy rating, leading to a consensus rating of “Moderate Buy” with an average target price of $131.42, according to data from MarketBeat.
As a leading manufacturer and distributor of paints, coatings, and specialty materials globally, PPG Industries operates through two segments: Performance Coatings and Industrial Coatings. Its diverse product range spans automotive, commercial transport, military aviation, and infrastructure sectors, underscoring its significant presence in the market.
