PPG Industries (NYSE:PPG) PT Lowered to $165.00

PPG Industries (NYSE:PPG) had its target price dropped by stock analysts at BMO Capital Markets from $168.00 to $165.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 26.66% from the stock’s previous close.

PPG has been the topic of a number of other reports. Royal Bank of Canada cut their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft dropped their target price on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating on the stock in a report on Monday. Citigroup dropped their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Barclays dropped their target price on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, Redburn Atlantic cut shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 target price on the stock. in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $155.50.

PPG Industries Trading Down 0.7 %

Shares of NYSE PPG traded down $0.89 during mid-day trading on Tuesday, reaching $130.27. The company had a trading volume of 534,558 shares, compared to its average volume of 1,763,777. The business’s 50-day moving average is $140.16 and its 200-day moving average is $138.99. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. The stock has a market cap of $30.66 billion, a price-to-earnings ratio of 22.04, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. PPG Industries has a 52 week low of $120.32 and a 52 week high of $152.89.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. The firm had revenue of $4.31 billion for 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 business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 earnings per share. Equities analysts expect 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 stock buyback plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PPG Industries

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in PPG Industries by 17.2% during the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock worth $3,661,083,000 after buying an additional 3,600,558 shares during the last quarter. Norges Bank purchased a new position in PPG Industries during the 4th quarter worth approximately $554,685,000. Invesco Ltd. raised its position in PPG Industries by 41.1% during the 3rd quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock worth $427,580,000 after buying an additional 959,849 shares during the last quarter. Morgan Stanley raised its position in PPG Industries by 12.4% during the 3rd quarter. Morgan Stanley now owns 3,102,602 shares of the specialty chemicals company’s stock worth $402,718,000 after buying an additional 341,977 shares during the last quarter. Finally, Putnam Investments LLC raised its position in PPG Industries by 3.1% during the 4th quarter. Putnam Investments LLC now owns 2,659,974 shares of the specialty chemicals company’s stock worth $397,799,000 after buying 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.