PPG Industries (PPG) will raise its quarterly dividend by 5.9 percent to $0.54 per share in 2020. This marks the 49th consecutive year of dividend increases by Dividend Aristocrat PPG. Last year PPG Industries announced a 6.3 percent dividend hike.
The next dividend of 54 cents per share is payable September 11, 2020, to shareholders of record August 10, 2020. The new annual dividend rate of $2.16 per share yields 1.8% at a stock price of almost $120 for PPG Industries.
In its press release dated July 16, 2020, PPG announces the dividend hike including a comment from chairman and CEO Michael H. McGarry: “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,”
PPG states that 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.
After this latest dividend increase PPG Industries will pay an estimated $510 million in dividends annually to its shareholders. The company last announced a double digit dividend hike in 2017, when the quarterly dividend was increased by 12.5 percent to 45 cents per share.
PPG Industries, Inc., manufactures and distributes paints, coatings and specialty materials. PPG’s business is comprised of two reportable business segments: Performance Coatings and Industrial Coatings. PPG's products are used by customers in a wide array of end-uses, including industrial equipment and components; packaging material; aircraft and marine equipment; automotive original equipment, automotive refinish; as well as for other industrial and consumer products. PPG also serves commercial and residential new build and maintenance customers by supplying coatings to painting and maintenance contractors and directly to consumers for decoration and maintenance. The company's brands include PPG, SEM, Glidden, Comex, Dulux, Sikkens, Mulco, Liquid Nails, Renner, Taubmans, Bristol, Dekoral, Trilak and Bondex. PPG Industries was incorporated in Pennsylvania in 1883 and has paid uninterrupted annual dividends since 1899.