Citizens Financial Group Inc. has reduced its holdings in PPG Industries, Inc. by 23.9% during the third quarter of 2023, as revealed in its latest 13F filing with the U.S. Securities and Exchange Commission (SEC). The Rhode Island-based financial institution now owns 17,292 shares of the specialty chemicals company, following the sale of 5,424 shares during this period. The value of Citizens Financial’s stake in PPG Industries was approximately $1.8 million at the end of the reporting period.
Several other institutional investors have also made adjustments to their positions in PPG Industries. For instance, Loring Wolcott & Coolidge Fiduciary Advisors LLP acquired a new stake valued at $688,000 in the third quarter. Bayforest Capital Ltd increased its holdings by 11.5%, bringing its total ownership to 1,410 shares valued at $148,000 after purchasing an additional 145 shares.
Forum Financial Management LP significantly boosted its stake by 127.5%, now owning 6,670 shares valued at $701,000. Kesler Norman & Wride LLC raised its position by 27.5%, resulting in ownership of 3,566 shares worth $375,000 after acquiring an additional 769 shares. Lastly, the Oregon Public Employees Retirement Fund increased its holdings by 31.7%, now owning 25,796 shares valued at approximately $2.71 million. Overall, institutional investors own 81.86% of PPG Industries’ stock.
Stock Performance and Financial Results
On Wednesday, PPG Industries’ stock opened at $107.45, with a market capitalization of $24.11 billion. The company has reported a price-to-earnings (P/E) ratio of 24.37 and a beta of 1.17. Its fifty-day simple moving average stands at $101.04, while the 200-day average is $105.90. The stock has fluctuated between a 12-month low of $90.24 and a 12-month high of $124.74.
PPG Industries announced its earnings results on October 28, 2023, reporting earnings per share (EPS) of $2.13, surpassing analysts’ expectations of $2.09. The firm generated revenue of $4.08 billion, exceeding the anticipated $4.06 billion. Year-over-year, the company experienced a 1.2% increase in revenue, maintaining a return on equity of 23.61% and a net margin of 6.35%. For the fiscal year 2025, PPG Industries has set guidance in the range of $7.600 to $7.700 EPS.
Dividend Announcement and Analyst Ratings
PPG Industries recently declared a quarterly dividend of $0.71, which was paid on December 12, 2023. The ex-dividend date was set for November 10, 2023, and this dividend represents an annualized amount of $2.84, yielding 2.6%. The company’s dividend payout ratio is currently at 64.40%.
In recent analyst evaluations, JPMorgan Chase & Co. increased their price objective for PPG Industries from $112.00 to $117.00, assigning an “overweight” rating. Citigroup raised their target from $116.00 to $120.00, issuing a “buy” rating. Conversely, Zacks Research downgraded PPG Industries from a “hold” to a “strong sell” recommendation. UBS Group also adjusted its target price from $115.00 to $110.00, maintaining a “neutral” rating.
Overall, PPG Industries has garnered a mix of ratings from analysts, with one strong buy, seven buys, nine holds, and one sell, resulting in an average rating of “hold” and a consensus target price of $122.54.
PPG Industries, headquartered in Pittsburgh, Pennsylvania, is a global supplier of paints, coatings, and specialty materials, serving various sectors including industrial, transportation, consumer, and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has transformed its business model over the years, focusing on a diverse range of products designed to protect and enhance surfaces.
