PPG Industries (NYSE:PPG) Price Target Cut to $150.00 by Analysts at UBS Group

PPG Industries (NYSE:PPG) had its price objective decreased by UBS Group from $156.00 to $150.00 in a report published on Friday morning, Benzinga reports. UBS Group currently has a neutral rating on the specialty chemicals company’s stock.

Several other equities analysts also recently commented on PPG. KeyCorp dropped their price target on shares of PPG Industries from $167.00 to $164.00 and set an overweight rating for the company in a research note on Tuesday, April 9th. Robert W. Baird restated an outperform rating and issued a $150.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Royal Bank of Canada dropped their price target on shares of PPG Industries from $158.00 to $156.00 and set a sector perform rating for the company in a research note on Monday, January 22nd. Redburn Atlantic downgraded shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 price target for the company. in a research note on Thursday, February 1st. Finally, Wells Fargo & Company upgraded shares of PPG Industries from an equal weight rating to an overweight rating and boosted their price target for the stock from $150.00 to $163.00 in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $155.50.

PPG Industries Stock Up 0.2 %

Shares of NYSE PPG opened at $131.13 on Friday. The company has a 50 day simple moving average of $140.16 and a 200-day simple moving average of $138.99. The company has a market capitalization of $30.86 billion, a P/E ratio of 22.15, a P/E/G ratio of 1.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05. PPG Industries has a 1 year low of $120.32 and a 1 year high of $152.89.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.86. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company posted $1.82 EPS. On average, equities research analysts predict that PPG Industries will post 8.46 earnings per share for the current year.

PPG Industries declared that its Board of Directors has approved a share repurchase program on Thursday, April 18th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.98%. PPG Industries’s payout ratio is currently 43.92%.

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PPG Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in PPG Industries by 17.2% in the fourth quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock valued at $3,661,083,000 after acquiring an additional 3,600,558 shares during the last quarter. Norges Bank purchased a new stake in PPG Industries in the fourth quarter valued at $554,685,000. Invesco Ltd. lifted its position in PPG Industries by 41.1% in the third quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock valued at $427,580,000 after acquiring an additional 959,849 shares during the last quarter. Morgan Stanley lifted its position in PPG Industries by 12.4% in the third quarter. Morgan Stanley now owns 3,102,602 shares of the specialty chemicals company’s stock valued at $402,718,000 after acquiring an additional 341,977 shares during the last quarter. Finally, Putnam Investments LLC lifted its position in PPG Industries by 3.1% in the fourth quarter. Putnam Investments LLC now owns 2,659,974 shares of the specialty chemicals company’s stock valued at $397,799,000 after acquiring an additional 81,200 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.