PPG Industries Inc. (NYSE:PPG) was downgraded by equities research analysts at Deutsche Bank AG from a “buy” rating to a “hold” rating in a note issued to investors on Monday. They presently have a $100.00 target price on the stock, down from their prior target price of $122.00. Deutsche Bank AG’s price objective suggests a potential upside of 8.34% from the stock’s previous close.
A number of other brokerages have also weighed in on PPG. Morgan Stanley restated a “hold” rating on shares of PPG Industries in a research note on Thursday, June 16th. Seaport Global Securities upgraded PPG Industries from an “accumulate” rating to a “buy” rating and upped their target price for the stock from $125.00 to $130.00 in a research note on Tuesday, July 26th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research note on Friday, September 9th. Jefferies Group restated a “buy” rating and issued a $129.00 target price (up from $127.00) on shares of PPG Industries in a research note on Monday, July 25th. Finally, Credit Suisse Group AG restated a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research note on Tuesday, August 9th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $116.42.
PPG Industries (NYSE:PPG) opened at 92.30 on Monday. The stock’s 50 day moving average price is $102.85 and its 200-day moving average price is $106.74. The company has a market capitalization of $24.58 billion, a P/E ratio of 17.05 and a beta of 1.47. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00.
PPG Industries (NYSE:PPG) last released its quarterly earnings data 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 company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same period in the previous year, the company posted $1.67 EPS. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities research analysts predict that PPG Industries will post $6.17 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.73%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio is presently 29.57%.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly 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 available at this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction dated Thursday, August 4th. The shares were 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 $1,228,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
A number of large investors have recently modified their holdings of PPG. Cable Hill Partners LLC boosted its stake in PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock valued at $142,000 after buying an additional 25 shares during the period. Meeder Asset Management Inc. acquired a new stake in PPG Industries during the first quarter valued at $144,000. Invictus RG acquired a new stake in PPG Industries during the first quarter valued at $147,000. Nikko Asset Management Americas Inc. acquired a new stake in PPG Industries during the first quarter valued at $157,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock valued at $158,000 after buying an additional 162 shares during the period. 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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