PPG Industries, Inc. (PPG) to Issue Quarterly Dividend of $0.68 on September 12th

PPG Industries, Inc. (NYSE:PPG) announced a quarterly dividend on Thursday, July 18th, RTT News reports. Stockholders of record on Monday, August 12th will be paid a dividend of 0.68 per share by the specialty chemicals company on Thursday, September 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Monday, August 12th. This is a boost from PPG Industries’s previous quarterly dividend of $0.65.

PPG Industries has increased its dividend payment by an average of 6.6% per year over the last three years and has increased its dividend annually for the last 54 consecutive years. PPG Industries has a dividend payout ratio of 29.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PPG Industries to earn $9.23 per share next year, which means the company should continue to be able to cover its $2.72 annual dividend with an expected future payout ratio of 29.5%.

PPG Industries Price Performance

Shares of NYSE:PPG traded up $0.01 during trading on Friday, reaching $119.24. 1,092,940 shares of the company traded hands, compared to its average volume of 1,665,259. The company’s 50 day moving average is $127.05 and its two-hundred day moving average is $134.10. The firm has a market capitalization of $27.96 billion, a PE ratio of 20.14, a PEG ratio of 1.70 and a beta of 1.26. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter in the prior year, the firm earned $2.25 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, sell-side analysts predict that PPG Industries will post 8.25 earnings per share for the current year.

PPG Industries announced that its board has approved a stock repurchase program on Thursday, April 18th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PPG shares. Barclays cut their price target on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft dropped their target price on PPG Industries from $160.00 to $155.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Citigroup dropped their target price on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. UBS Group raised their target price on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Finally, Bank of America cut their price objective on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $151.08.

About PPG Industries

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.