UBS’ Bottom Quant Stocks In AI, IT, Healthcare & Others: 29 Stocks In All Sectors

20. PPG Industries Inc. (NYSE:PPG)

Number of Hedge Fund Investors In Q2 2024: 42

Sector: Materials

PPG Industries Inc. (NYSE:PPG) is one of the biggest paints, coatings, adhesives, sealants, and other associated products providers in the world. This makes it exposed to the broader industrial sector and makes it unsurprising that the shares are down 14.61% year to date. The share price weakness is driven by the fact that 63% of PPG Industries Inc. (NYSE:PPG)’s revenue comes from its performance coatings business. This provides material typically used in construction to help guard structures against weather-related wear and tear. Additionally, PPG Industries Inc. (NYSE:PPG) also caters to the needs of the auto industry through its Performance and Industrial businesses – which introduces a broad exposure to the cyclical sector on its income statement. Auto production in America has been sluggish in 2024 due to inflation and high rates – which has also translated into PPG Industries Inc. (NYSE:PPG)’s share price.

Carillon Tower Advisers mentioned PPG Industries, Inc. (NYSE:PPG) in its Q2 2024 investor letter. Here is what the fund said:

“PPG Industries, Inc. (NYSE:PPG) shares lagged in the second quarter as softening macroeconomic data across several of its end markets (including autos, housing, and industrial) drove concerns that the path to sustainable sales volume growth was growing more difficult.”