Burney Co. Reduces Stake in PPG Industries by 16.8% in Q2

Burney Co. has decreased its holdings in PPG Industries, Inc. (NYSE: PPG) by 16.8% during the second quarter of 2023, as reported in its latest filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now owns 4,305 shares of the specialty chemicals company after selling 870 shares, bringing the total value of its investment to approximately $490,000 at the end of the reporting period.

Several other institutional investors have also adjusted their positions in PPG Industries. For instance, Cookson Peirce & Co. Inc. increased its stake by 1.9% in the first quarter, now holding 4,862 shares valued at $532,000. Similarly, Summit Financial LLC raised its investment by 1.3%, acquiring 7,246 shares worth $792,000 after purchasing an additional 90 shares. Notably, Bell Investment Advisors Inc. saw a substantial increase of 40.9%, bringing its total to 355 shares valued at $39,000.

Other investors such as Motco and BKM Wealth Management LLC also reported increases in their holdings during the same period. Motco raised its stake by 19.3%, now owning 680 shares worth $74,000, while BKM Wealth Management LLC grew its investment by 2.4%, with 4,847 shares valued at $530,000. Currently, institutional investors hold approximately 81.86% of PPG’s stock.

Investment analysts have weighed in on PPG Industries, with several firms adjusting their price targets. Bank of America lowered its target from $131.00 to $129.00, maintaining a “neutral” rating. Wells Fargo & Company similarly reduced its target from $132.00 to $130.00, while Royal Bank of Canada raised its price objective from $115.00 to $117.00, giving a “sector perform” rating. Citigroup cut its target from $124.00 to $120.00, designating a “buy” rating. Currently, one analyst rates PPG as a Strong Buy, six as Buy, and eight as Hold, leading to an average rating of “Moderate Buy” with a price target of $124.30.

PPG Industries’ stock opened at $96.31 on Thursday. Over the past year, the company has seen a low of $90.24 and a high of $130.05. The fifty-day moving average price stands at $104.63, while the 200-day moving average is $108.95. The company maintains a debt-to-equity ratio of 0.76, a quick ratio of 1.04, and a current ratio of 1.47. With a market capitalization of $21.61 billion, PPG Industries boasts a price-to-earnings (P/E) ratio of 21.84 and a price-to-earnings-growth (PEG) ratio of 2.13.

On October 28, 2023, PPG Industries announced its latest earnings results, reporting earnings per share (EPS) of $2.13, surpassing the consensus estimate of $2.09 by $0.04. The company’s net margin stands at 6.35%, with a return on equity of 24.17%. Revenue for the quarter reached $4.08 billion, slightly exceeding the consensus estimate of $4.06 billion. This reflects a year-over-year revenue increase of 1.2%.

Looking ahead, PPG Industries has set its fiscal year 2025 guidance between $7.600 and $7.700 EPS. Analysts have projected an average EPS of 7.95 for the current fiscal year.

In addition, PPG Industries has announced a quarterly dividend of $0.71 per share, which will be distributed on December 12, 2023. Shareholders of record on November 10, 2023, will be eligible for this dividend, representing an annualized dividend of $2.84 and a yield of 2.9%. The ex-dividend date is also set for November 10, 2023, with a dividend payout ratio of 64.40%.

PPG Industries, Inc., a leading manufacturer and distributor of paints, coatings, and specialty materials, operates across various global markets including the United States, Canada, Europe, and Asia Pacific. The company functions through two primary segments: Performance Coatings and Industrial Coatings, providing a range of products for diverse applications in automotive, commercial, and industrial sectors.