Touchstone Capital Inc. Acquires New Position in PPG Industries, Inc. $PPG

Touchstone Capital Inc. bought a new position in shares of PPG Industries, Inc. (NYSE:PPG) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 5,256 shares of the specialty chemicals company’s stock, valued at approximately $552,000.

Several other hedge funds have also modified their holdings of the business. TD Private Client Wealth LLC raised its position in PPG Industries by 6.4% in the third quarter. TD Private Client Wealth LLC now owns 8,512 shares of the specialty chemicals company’s stock worth $895,000 after acquiring an additional 513 shares in the last quarter. Quent Capital LLC acquired a new position in PPG Industries during the third quarter worth about $57,000. Nordea Investment Management AB increased its holdings in PPG Industries by 19.1% in the third quarter. Nordea Investment Management AB now owns 24,306 shares of the specialty chemicals company’s stock valued at $2,532,000 after buying an additional 3,890 shares in the last quarter. Janney Capital Management LLC lifted its position in shares of PPG Industries by 0.5% during the 3rd quarter. Janney Capital Management LLC now owns 27,459 shares of the specialty chemicals company’s stock valued at $2,886,000 after acquiring an additional 132 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of PPG Industries by 6.2% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 689,347 shares of the specialty chemicals company’s stock worth $72,457,000 after acquiring an additional 40,374 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PPG. Berenberg Bank lowered their target price on PPG Industries from $131.00 to $110.00 and set a “hold” rating on the stock in a report on Thursday, December 4th. Bank of America lowered their price objective on shares of PPG Industries from $131.00 to $129.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 14th. Sanford C. Bernstein cut their target price on shares of PPG Industries from $129.00 to $123.00 and set an “outperform” rating for the company in a research report on Monday, November 24th. Zacks Research cut PPG Industries from a “hold” rating to a “strong sell” rating in a report on Monday, November 10th. Finally, Wells Fargo & Company cut their price target on PPG Industries from $132.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, PPG Industries presently has a consensus rating of “Hold” and an average price target of $122.54.

PPG Industries Stock Down 0.6%

Shares of NYSE:PPG opened at $107.45 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.08 and a debt-to-equity ratio of 0.74. The firm has a market cap of $24.11 billion, a price-to-earnings ratio of 24.37, a PEG ratio of 3.21 and a beta of 1.17. The stock’s 50-day moving average price is $101.04 and its two-hundred day moving average price is $105.90. PPG Industries, Inc. has a 12-month low of $90.24 and a 12-month high of $124.74.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Tuesday, October 28th. The specialty chemicals company reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.04. PPG Industries had a net margin of 6.35% and a return on equity of 23.61%. The business had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same period in the prior year, the firm posted $2.13 EPS. The company’s revenue was up 1.2% on a year-over-year basis. PPG Industries has set its FY 2025 guidance at 7.600-7.700 EPS. On average, research analysts forecast that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Monday, November 10th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $2.84 annualized dividend and a dividend yield of 2.6%. PPG Industries’s payout ratio is currently 64.40%.

About PPG Industries

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.