PPG Industries, Inc. (NYSE:PPG) to Issue Quarterly Dividend of $0.65

PPG Industries, Inc. (NYSE:PPG) declared a quarterly dividend on Thursday, April 18th, Wall Street Journal reports. Stockholders of record on Friday, May 10th will be paid a dividend of 0.65 per share by the specialty chemicals company on Wednesday, June 12th. This represents a $2.60 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, May 9th.

PPG Industries has increased its dividend by an average of 6.6% per year over the last three years and has increased its dividend every year for the last 53 years. PPG Industries has a dividend payout ratio of 27.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect PPG Industries to earn $9.40 per share next year, which means the company should continue to be able to cover its $2.60 annual dividend with an expected future payout ratio of 27.7%.

PPG Industries Stock Up 0.1 %

PPG stock opened at $133.04 on Tuesday. The stock has a market capitalization of $31.20 billion, a P/E ratio of 22.47, a price-to-earnings-growth ratio of 1.65 and a beta of 1.30. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $137.97 and a 200-day moving average price of $139.08. PPG Industries has a 12 month low of $120.32 and a 12 month high of $152.89.

PPG Industries (NYSE:PPG) last posted its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the previous year, the firm posted $1.82 earnings per share. The company’s revenue was down 1.6% on a year-over-year basis. As a group, equities research analysts anticipate that PPG Industries will post 8.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $150.00 to $163.00 in a report on Thursday, April 11th. Citigroup lowered their target price on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research report on Wednesday, April 10th. Robert W. Baird reissued an “outperform” rating and issued a $150.00 price target on shares of PPG Industries in a research note on Friday, January 19th. UBS Group decreased their target price on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Finally, Evercore ISI downgraded PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price target for the company. in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, PPG Industries has a consensus rating of “Moderate Buy” and a consensus price target of $155.47.

PPG Industries announced that its Board of Directors has approved a share buyback plan on Thursday, April 18th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.