PPG Industries Inc. (NYSE:PPG) has been given a $110.00 price target by analysts at JPMorgan Chase & Co. in a note issued to investors on Monday. The brokerage currently has a a “buy” rating on the stock. JPMorgan Chase & Co.’s target price suggests a potential upside of 17.21% from the company’s current price.
Several other research analysts have also recently issued reports on PPG. Citigroup Inc. dropped their target price on shares of PPG Industries from $131.00 to $112.00 and set a “buy” rating on the stock in a report on Tuesday. Royal Bank Of Canada dropped their target price on shares of PPG Industries from $125.00 to $106.00 and set an “outperform” rating on the stock in a report on Tuesday. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Zacks Investment Research cut shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $116.42.
PPG Industries (NYSE:PPG) traded down 2.371% on Monday, hitting $91.625. 2,036,320 shares of the stock traded hands. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00. The company has a market capitalization of $24.40 billion, a PE ratio of 16.930 and a beta of 1.47. The firm has a 50-day moving average price of $103.22 and a 200-day moving average price of $106.84.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter last year, the firm posted $1.67 EPS. The firm’s revenue was down .9% compared to the same quarter last year. Analysts forecast that PPG Industries will post $6.17 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio is presently 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the completion of the transaction, the vice president now directly owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the transaction, the insider now directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock worth $1,884,182,000 after buying an additional 328,358 shares in the last quarter. FMR LLC raised its position in PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock worth $1,769,075,000 after buying an additional 409,325 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position 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 worth $1,665,343,000 after buying an additional 139,886 shares in the last quarter. State Street Corp raised its position in PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock worth $1,295,100,000 after buying an additional 368,260 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position 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 worth $726,755,000 after buying an additional 132,813 shares in the last quarter. 73.04% of the stock is owned by institutional investors.
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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