PPG Industries raises dividend for 46th year
Dividend Aristocrat PPG Industries (PPG) will raise its quarterly dividend to $0.45 per share, marking 46 consecutive years of dividend increases.
The new dividend is payable Sept. 12, 2017 to shareholders of record Aug. 10, 2017.
"This 13-percent increase in our per-share quarterly dividend is a reflection of the strong cash generation of our business portfolio and reaffirms our commitment to reward our shareholders with sustainable dividend increases," said Vince Morales, PPG senior vice president and chief financial officer.
This marks the company's 476th consecutive dividend payment. PPG has paid uninterrupted annual dividends since 1899.
PPG currently has an indicated dividend yield of 1.7 percent. The stock has gained 12.7% year-to-date. At a current stock price of $106.78 the market cap for PPG is $27.3 billion.
Out of 22 analysts following PPG 14 rate the stock a buy with 8 'hold' recommendations and no sell recommendations. The average analyst price target is $116.18, about 8.7% above the current stock price.
PPG Industries, Inc. manufactures and distributes a range of coatings and specialty materials. PPG serves customers in construction, consumer products, industrial and transportation markets and aftermarkets. Its brands include PPG, Glidden, Comex, Dulux, Sikkens, Mulco, Liquid Nails, Renner, Taubmans, Bristol, Dekoral, Trilak and Bondex.