Nicholson Wealth Management Reduces Holdings in PPG Industries

Nicholson Wealth Management Group LLC has reduced its stake in PPG Industries, Inc. (NYSE: PPG) by 1.2% during the second quarter of 2023. According to its latest filing with the Securities and Exchange Commission (SEC), the firm now holds 12,489 shares of the specialty chemicals company after divesting 154 shares in this period. The value of Nicholson’s holdings in PPG Industries is approximately $1.42 million as of the end of the quarter.

A number of other institutional investors have also adjusted their positions in PPG Industries recently. Capital Advisors Ltd. LLC increased its stake by a significant 127.6%, now owning 223 shares valued at around $25,000 after acquiring an additional 125 shares. Similarly, Cheviot Value Management LLC and Headlands Technologies LLC entered new positions in PPG during the first quarter, valued at approximately $26,000 and $30,000, respectively. Financial Connections Group Inc. raised its stake by 74.6%, now holding 351 shares worth $38,000. Bell Investment Advisors Inc. also expanded its holdings by 40.9%, owning 355 shares valued at $39,000.

Overall, institutional investors and hedge funds own approximately 81.86% of PPG Industries’ stock, reflecting strong institutional interest in the company.

Stock Performance and Future Outlook

As of the last trading session, PPG Industries’ stock opened at $101.55. The company maintains a quick ratio of 1.04, a current ratio of 1.42, and a debt-to-equity ratio of 0.76. With a market capitalization of $22.92 billion, PPG holds a price-to-earnings (P/E) ratio of 23.03 and a P/E growth (P/E/G) ratio of 2.12. The stock has fluctuated within a 12-month range, recording a low of $90.24 and a high of $132.18. Its 50-day and 200-day moving average prices are $107.49 and $108.76, respectively.

In addition to stock performance, PPG Industries has announced a quarterly dividend of $0.71 per share, set to be paid on December 12, 2023. Shareholders recorded as of November 10, 2023, will be eligible for this payment, which translates to an annualized dividend of $2.84 and a yield of 2.8%. The company’s dividend payout ratio currently stands at 64.40%.

Analyst Ratings and Market Predictions

Recent commentary from analysts reveals a range of perspectives on PPG Industries. Wells Fargo & Company has lowered its price target from $135.00 to $132.00, maintaining an “overweight” rating. In contrast, JPMorgan Chase & Co. upgraded its rating from “neutral” to “overweight,” setting a new target of $112.00. UBS Group also revised its target down from $125.00 to $115.00, while Mizuho has adjusted its target from $135.00 to $125.00 with an “outperform” rating. Bank of America similarly reduced its target from $131.00 to $129.00 while maintaining a “neutral” stance.

Currently, one analyst has issued a “Strong Buy” rating, seven have recommended a “Buy,” and eight analysts suggest holding the stock. According to MarketBeat, PPG Industries has an average rating of “Moderate Buy” with a consensus target price of $127.73.

PPG Industries, Inc. specializes in producing and distributing paints, coatings, and specialty materials across multiple regions, including the United States, Canada, Europe, and Asia. The company’s operations are divided into two primary segments: Performance Coatings and Industrial Coatings, catering to a diverse range of industries from automotive to aerospace.

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