PPG Industries, Inc. (PPG) to Issue Quarterly Dividend of $0.45
PPG Industries, Inc. (NYSE:PPG) declared a quarterly dividend on Thursday, July 20th, RTT News reports. Stockholders of record on Thursday, August 10th will be paid a dividend of 0.45 per share by the specialty chemicals company on Tuesday, September 12th. This represents a $1.80 annualized dividend and a dividend yield of 1.58%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40.
PPG Industries has increased its dividend payment by an average of 8.8% per year over the last three years and has increased its dividend annually for the last 44 consecutive years. PPG Industries has a payout ratio of 26.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect PPG Industries to earn $6.80 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 23.5%.
Shares of PPG Industries (NYSE:PPG) traded down 5.84% on Thursday, hitting $106.97. 1,669,752 shares of the stock traded hands. PPG Industries has a 12 month low of $89.64 and a 12 month high of $113.67. The company has a market cap of $27.41 billion, a PE ratio of 32.75 and a beta of 1.56. The firm’s 50 day moving average is $110.59 and its 200-day moving average is $105.36.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 30.40% and a net margin of 5.79%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.73 EPS. Equities analysts predict that PPG Industries will post $6.18 earnings per share for the current year.
Several analysts have commented on the company. BidaskClub upgraded PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday. Credit Suisse Group restated an “outperform” rating and issued a $114.00 price target (up previously from $109.00) on shares of PPG Industries in a report on Monday. They noted that the move was a valuation call. Jefferies Group LLC restated a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a report on Thursday, July 6th. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. Finally, TheStreet upgraded PPG Industries from a “c+” rating to a “b+” rating in a report on Monday, May 22nd. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $114.85.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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