PPG Industries, Inc. $PPG Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System increased its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 12,647.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 60,284,284 shares of the specialty chemicals company’s stock after purchasing an additional 59,811,353 shares during the quarter. California State Teachers Retirement System owned about 0.27% of PPG Industries worth $7,311,881,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new stake in PPG Industries in the 2nd quarter valued at about $26,000. Resources Management Corp CT ADV lifted its holdings in shares of PPG Industries by 900.0% during the 4th quarter. Resources Management Corp CT ADV now owns 250 shares of the specialty chemicals company’s stock worth $26,000 after acquiring an additional 225 shares during the period. Quarry LP purchased a new position in shares of PPG Industries during the 3rd quarter worth about $26,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of PPG Industries in the second quarter worth approximately $28,000. Finally, Pin Oak Investment Advisors Inc. purchased a new stake in PPG Industries in the second quarter valued at approximately $29,000. 81.86% of the stock is owned by institutional investors and hedge funds.

PPG Industries Stock Down 2.4%

Shares of NYSE:PPG opened at $109.80 on Wednesday. The stock has a 50-day simple moving average of $115.43 and a 200-day simple moving average of $112.67. The stock has a market capitalization of $24.41 billion, a P/E ratio of 15.73, a PEG ratio of 1.82 and a beta of 1.07. PPG Industries, Inc. has a 1 year low of $93.39 and a 1 year high of $133.43. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.15 and a current ratio of 1.58.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $2.23 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.02). The business had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $4.37 billion. PPG Industries had a net margin of 9.57% and a return on equity of 21.07%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.22 EPS. PPG Industries has set its FY 2026 guidance at 7.700-8.100 EPS. Equities analysts forecast that PPG Industries, Inc. will post 7.89 earnings per share for the current year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from PPG Industries’s previous quarterly dividend of $0.71. PPG Industries’s payout ratio is 42.41%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PPG shares. UBS Group dropped their price target on shares of PPG Industries from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Bank of America upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and lifted their price target for the company from $127.00 to $134.00 in a report on Friday, July 17th. Weiss Ratings raised shares of PPG Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 17th. Mizuho upped their price objective on PPG Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Finally, Royal Bank Of Canada cut their target price on PPG Industries from $129.00 to $122.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $126.00.

PPG Industries Company Profile

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.