PPG Industries increases dividend for 49th consecutive year
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This marks the 49th consecutive year of dividend increases by the paint and coatings maker.
The new annual dividend rate of $2.16 per share yields 1.9% at a stock price of $115.
In its press release PPG announces today that its board of directors has approved a 3-cents-per-share increase in the company’s dividend, declaring a regular quarterly dividend of 54 cents per share, payable Sept. 11 to shareholders of record Aug. 10. PPG’s prior quarterly dividend was 51 cents per share. Last year PPG raised its dividend by 6.3 percent.
“We are pleased to continue PPG’s legacy of rewarding our shareholders with an increase in our per share dividend, reflecting the continued strong cash flow and ongoing growth prospects of our company,” said Michael H. McGarry, PPG chairman and chief executive officer.
This marks the company’s 488th consecutive dividend payment. Through ongoing dedication and expertise of its workforce, the company has paid uninterrupted annual dividends since 1899. The new annual dividend rate of $2.16 per share yields 1.9% at a stock price of $115.
Dividend growth has been slowing at PPG Industries the last couple of years with the last double digit dividend hike dating back to 2017, when the company announced a 12.5 percent increase. However PPG has been slow with dividend growth before, with 1.9 percent annual increases from 2008 to 2010 and an average increase of just 3.5 percent from 2011 to 2013.
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.