PPG Industries Inc. (NYSE:PPG) had its target price trimmed by Citigroup Inc. from $131.00 to $112.00 in a research report sent to investors on Tuesday morning. The firm currently has a buy rating on the stock.
A number of other research analysts have also weighed in on the company. Zacks Investment Research lowered PPG Industries from a hold rating to a sell rating in a research report on Monday, August 29th. Credit Suisse Group AG reiterated a buy rating and issued a $115.00 price target on shares of PPG Industries in a research report on Tuesday, August 9th. Jefferies Group reiterated a buy rating and issued a $129.00 price target (up previously from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Longbow Research upgraded PPG Industries from a neutral rating to a buy rating and set a $130.00 price target for the company in a research report on Thursday, June 23rd. Finally, Deutsche Bank AG lowered PPG Industries from a buy rating to a hold rating and dropped their price target for the stock from $122.00 to $100.00 in a research report on Monday. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $115.46.
PPG Industries (NYSE:PPG) opened at 92.12 on Tuesday. The stock has a market cap of $24.53 billion, a P/E ratio of 17.02 and a beta of 1.47. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The firm’s 50 day moving average price is $102.02 and its 200-day moving average price is $106.53.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.85. The firm earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 earnings per share. Equities research analysts anticipate that PPG Industries will post $6.17 earnings per share for the current fiscal year.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries stock in a transaction that occurred on Tuesday, July 26th. The shares were 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 owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of PPG Industries 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 sale, the vice president now directly 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. Insiders own 0.68% of the company’s stock.
Several hedge funds have recently bought and sold shares of PPG. Cable Hill Partners LLC increased its position in shares of PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock worth $142,000 after buying an additional 25 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of PPG Industries during the first quarter worth approximately $144,000. Invictus RG acquired a new position in shares of PPG Industries during the first quarter worth approximately $147,000. Ropes Wealth Advisors LLC increased its position in shares of PPG Industries by 2.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,697 shares of the company’s stock worth $177,000 after buying an additional 37 shares during the period. Finally, Checchi Capital Advisers LLC increased its position in shares of PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock worth $202,000 after buying an additional 59 shares during the period. 73.04% of the stock is owned by hedge funds and other 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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