PPG Industries, Inc. (NYSE:PPG) announced a quarterly dividend on Wednesday, January 15th, RTT News reports. Stockholders of record on Tuesday, January 21st will be paid 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 dividend yield of 1.60%.
PPG Industries has raised its dividend by an average of 9.4% per year over the last three years and has raised its dividend annually for the last 46 consecutive years. PPG Industries has a payout ratio of 32.7% meaning its dividend is sufficiently covered by earnings. Equities 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%.
Shares of PPG traded down $3.59 during trading hours on Thursday, hitting $127.15. 1,476,130 shares of the company were exchanged, compared to its average volume of 1,186,618. The company has a market capitalization of $30.72 billion, a PE ratio of 21.48, a PEG ratio of 2.06 and a beta of 1.24. 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 firm has a fifty day simple moving average of $131.21 and a 200-day simple moving average of $121.62. PPG Industries has a one year low of $100.87 and a one year high of $134.36.
PPG has been the topic of a number of research analyst reports. Deutsche Bank increased their target price on PPG Industries from $135.00 to $148.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 target price on the stock. in a report on Wednesday, October 16th. UBS Group raised their target price on PPG Industries from $135.00 to $140.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wells Fargo & Co raised their target price on PPG Industries from $140.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Royal Bank of Canada set a $132.00 target price on PPG Industries and gave the company a “buy” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. PPG Industries has a consensus rating of “Hold” and an average price target of $130.56.
In other PPG Industries news, CEO Michael H. Mcgarry sold 30,450 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $130.00, for a total transaction of $3,958,500.00. Following the transaction, the chief executive officer now directly owns 149,884 shares in the company, valued at $19,484,920. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael H. Mcgarry sold 11,916 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were 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 in the company, valued at $16,418,750. The disclosure for this sale can be found here. 0.37% of the stock is owned by company insiders.
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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