Intel stock spikes after report of possible US government stake
PITTSBURGH - PPG Industries (NYSE:PPG (WA:IBSP)), a global supplier of paints, coatings, and specialty materials, has announced the continuation of its long-standing tradition of shareholder returns by declaring a regular quarterly dividend of 68 cents per share, representing a 2.31% yield at current prices. The dividend is payable on March 12 to shareholders who are on record as of February 21.
The company's commitment to shareholder value is reflected in its impressive track record of raising its annual dividend for 54 consecutive years. With this latest dividend, PPG marks its 506th uninterrupted dividend payment, a streak that commenced in 1899. According to InvestingPro data, PPG maintains strong financial health with a "GOOD" overall score, suggesting continued dividend sustainability.
PPG's consistent dividend payments underscore the company's financial stability and its ability to generate a reliable income stream for its investors. Currently trading near its 52-week low, InvestingPro analysis suggests the stock may be undervalued, presenting an interesting opportunity for value-focused investors. This financial discipline is part of PPG's broader corporate strategy, which includes a focus on innovation and customer collaboration in its operations across more than 70 countries.
In 2023, PPG reported net sales of $18.2 billion, serving diverse markets including construction, consumer products, industrial and transportation, and aftermarkets. This performance reflects the company's ongoing dedication to meeting the needs of its customers and adapting to market demands.
The announcement of the dividend payment is based on a press release statement from PPG and serves as a testament to the company's enduring commitment to its shareholders. As PPG continues to protect and beautify the world through its products, it also maintains a steadfast dedication to enhancing shareholder value through consistent financial returns.
In other recent news, PPG Industries has experienced significant shifts in its financial and operational structures. The company reported Q3 sales of $4.6 billion, a 3% increase from the previous year. In a significant move, PPG Industries completed the sale of its architectural coatings business in the United States and Canada to American Industrial Partners, a $550 million transaction forecasted to positively impact PPG's financials.
Analysts from Jefferies, RBC Capital Markets, and BMO Capital Markets have adjusted their price targets for PPG Industries. Jefferies predicts an 11% compound annual growth rate in earnings per share for PPG Industries through 2027, while RBC and BMO revised their targets due to challenges in the automotive and industrial sectors.
PPG Industries also announced a series of leadership changes, including the appointment of Juliane Hefel as Senior Vice President of Industrial Coatings and Xiaobing Nie expanding her leadership duties to cover all of Asia Pacific for industrial coatings. The retirement of Senior Vice President, Operations, Ramaprasad Vadlamannati was also disclosed, with a transition to an unpaid leave of absence throughout 2025 and a separation agreement that includes a $102,000 payment.
Citi maintains a Buy rating on PPG Industries' shares, expressing optimism about the company's prospects leading into 2025, particularly in the Comex, Aerospace, Packaging (NYSE:PKG), and Protective & Marine sectors. These developments reflect the recent changes in PPG Industries' business environment.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.