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PITTSBURGH - PPG Industries (NYSE:PPG), a $26.21 billion market cap company with a GOOD financial health score according to InvestingPro, announced Thursday that its Board of Directors has approved a 3-cent increase to its quarterly dividend, raising it to 71 cents per share.
The dividend will be payable on September 12 to shareholders of record as of August 11, according to a company press release.
This marks PPG’s 508th consecutive dividend payment, continuing the company’s uninterrupted streak of annual dividend payments that dates back to 1899.
"This dividend growth reflects the strong confidence that PPG’s Board has in the resiliency of our business and the strength and future growth of our company," said Tim Knavish, PPG chairman and chief executive officer.
PPG, headquartered in Pittsburgh, operates in more than 70 countries and reported net sales of $15.8 billion in 2024. The company produces paints, coatings and specialty materials for construction, consumer products, industrial and transportation markets.
The dividend increase comes as part of the company’s ongoing commitment to returning value to shareholders while maintaining its long-standing dividend payment history.
In other recent news, PPG Industries has seen a range of developments that investors might find noteworthy. Mizuho has maintained its Outperform rating on PPG Industries, with a price target of $125, emphasizing the company’s focus on organic growth and share buybacks. UBS also kept its Neutral rating with a $111 price target, citing potential headwinds such as higher raw material costs, although it acknowledges the benefits of PPG’s diverse global operations. Meanwhile, Bernstein SocGen Group reiterated an Outperform rating, maintaining a price target of $166, highlighting PPG’s strategic focus on improving earnings and volume growth. Jefferies, however, adjusted its price target down to $110, maintaining a Hold rating due to ongoing challenges in the automotive sector. Despite these challenges, Jefferies expects potential benefits from improved productivity and lower raw material costs. Bernstein analysts also favor PPG in the European chemicals sector, citing its strong profitability and cash flow, which could lead to EBIT margins aligning with the S&P 500 average. These updates reflect a mix of optimism and caution regarding PPG’s future performance.
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