PPG Industries Inc. (NYSE:PPG)‘s stock had its “buy” rating reissued by analysts at Jefferies Group in a report issued on Wednesday. They currently have a $129.00 price objective on the stock. Jefferies Group’s price objective points to a potential upside of 26.41% from the company’s previous close.
A number of other analysts also recently issued reports on the company. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, September 28th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research note on Tuesday, September 13th. Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and raised their target price for the stock from $125.00 to $130.00 in a research note on Tuesday, July 26th. Longbow Research raised PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price for the company in a research note on Thursday, June 23rd. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of PPG Industries in a research note on Thursday, June 16th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $121.17.
Shares of PPG Industries (NYSE:PPG) traded up 0.23% during mid-day trading on Wednesday, hitting $102.28. 203,840 shares of the stock were exchanged. The stock has a market cap of $27.24 billion, a price-to-earnings ratio of 18.90 and a beta of 1.47. The company has a 50-day moving average price of $103.91 and a 200-day moving average price of $107.17. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same quarter last year, the firm posted $1.67 EPS. The business’s revenue was down .9% on a year-over-year basis. Equities analysts expect that PPG Industries will post $6.18 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Monday, August 8th. PPG Industries’s dividend payout ratio is currently 29.57%.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the transaction, the insider now owns 69,044 shares in the company, valued at approximately $7,362,852.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the sale, the vice president now owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock valued at $1,884,182,000 after buying an additional 328,358 shares during the last quarter. FMR LLC boosted its stake in PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock valued at $1,769,075,000 after buying an additional 409,325 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock valued at $1,665,343,000 after buying an additional 139,886 shares during the last quarter. State Street Corp boosted its stake in PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock valued at $1,295,100,000 after buying an additional 368,260 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock valued at $726,755,000 after buying an additional 132,813 shares during the last quarter. Hedge funds and other institutional investors own 73.04% of the company’s stock.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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