PPG Industries, Inc. (NYSE:PPG) declared a quarterly dividend on Wednesday, January 15th, RTT News reports. Shareholders of record on Tuesday, January 21st will be given a dividend of 0.51 per share by the specialty chemicals company on Thursday, March 12th. This represents a $2.04 dividend on an annualized basis and a yield of 1.61%.
PPG Industries has increased its dividend payment by an average of 9.4% annually over the last three years and has raised its dividend annually for the last 46 consecutive years. PPG Industries has a dividend payout ratio of 32.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect PPG Industries to earn $6.76 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 30.2%.
PPG stock traded down $3.76 during mid-day trading on Thursday, reaching $126.98. 1,650,667 shares of the company traded hands, compared to its average volume of 1,186,618. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.49 and a quick ratio of 1.08. The company has a market capitalization of $30.72 billion, a P/E ratio of 21.45, a P/E/G ratio of 2.06 and a beta of 1.24. PPG Industries has a 52-week low of $100.87 and a 52-week high of $134.36. The company has a fifty day moving average price of $131.21 and a 200-day moving average price of $121.62.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, January 16th. The specialty chemicals company reported $1.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.34 by ($0.03). The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.67 billion. PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.15 EPS. As a group, analysts forecast that PPG Industries will post 6.25 EPS for the current year.
In related news, CEO Michael H. Mcgarry sold 11,916 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $125.00, for a total value of $1,489,500.00. Following the transaction, the chief executive officer now owns 131,350 shares of the company’s stock, valued at $16,418,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael H. Mcgarry sold 30,450 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $130.00, for a total value of $3,958,500.00. Following the completion of the transaction, the chief executive officer now directly owns 149,884 shares in the company, valued at approximately $19,484,920. The disclosure for this sale can be found here. Company insiders own 0.37% of the company’s stock.
A number of research analysts have weighed in on PPG shares. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 target price for the company. in a report on Wednesday, October 16th. Goldman Sachs Group lowered PPG Industries from a “conviction-buy” rating to a “buy” rating in a report on Monday, November 18th. BMO Capital Markets lifted their target price on PPG Industries from $113.00 to $129.00 and gave the company a “market perform” rating in a report on Monday, October 21st. JPMorgan Chase & Co. raised PPG Industries from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $108.00 to $120.00 in a report on Friday, October 18th. Finally, Deutsche Bank lifted their target price on PPG Industries from $135.00 to $148.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. PPG Industries currently has an average rating of “Hold” and an average price target of $130.56.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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