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PPG Industries, Inc. (NYSE:PPG)
Number of Hedge Fund Holders: 35
Dividend Yield as of July 23: 2.15%
PPG Industries, Inc. (NYSE:PPG) is an American paint and coating manufacturing company that also deals in other specialty materials. The company reported mixed earnings in the second quarter of 2024, generating $4.8 billion in revenues, almost the same as in the same period last year. The company reported growth in margin segments by 110 basis points compared to the previous year, marking the seventh quarter in a row of margin growth. In addition, the company reached record highs in both reported EPS and adjusted EPS, with adjusted EPS increasing by 11% YoY, which was its sixth consecutive quarter of growth. While overall organic sales remained flat, several of the company's businesses saw growth, including aerospace coatings, packaging coatings, architectural coatings in the Americas and Asia Pacific, traffic solutions, and specialty coatings and materials.
PPG Industries, Inc. (NYSE:PPG) has gained significantly from its European presence. In the early 1900s, it was among the first U.S. firms to enter the European market, acquiring a glass plant in Belgium. During the 1920s, the company saw steady growth thanks to its glass and paint divisions, which benefited from the booming automotive industry and the rise of skyscrapers. It anticipates that demand in Europe will stabilize in the third quarter of 2024 and FY24, while it expects continued growth in China and Mexico.
Hidden Payouts in Congress Bill (Claim Your Share)
Congress just opened up a new income stream that very few Americans are aware of.
See, buried among the fine print in the recent Inflation Reduction Act…
Is a directive that's channeling billions of dollars to “special” EV service firms.
On July 18, PPG Industries, Inc. (NYSE:PPG) declared a 4.6% hike in its quarterly dividend to $0.68 per share. This was the company's 53rd consecutive year of dividend growth, which makes PPG one of the best dividend stocks of all time. In addition, the company has paid dividends regularly in the past 125 years. The stock has a dividend yield of 2.15%, as of July 23.
As per Insider Monkey's database of Q1 2024, 35 hedge funds owned stakes in PPG Industries, Inc. (NYSE:PPG), compared with 39 in the previous quarter. These stakes have a collective value of nearly $758 million. Among these hedge funds, First Eagle Investment Management was the company's leading stakeholder in Q1.
Overall PPG ranks 6th on our list of the best dividend stocks to buy.
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