KeyCorp Cuts PPG Industries (NYSE:PPG) Price Target to $162.00

PPG Industries (NYSE:PPG) had its price objective decreased by KeyCorp from $164.00 to $162.00 in a research report sent to investors on Monday, Benzinga reports. KeyCorp currently has an overweight rating on the specialty chemicals company’s stock.

Several other research analysts have also recently commented on PPG. Wolfe Research started coverage on shares of PPG Industries in a report on Friday, March 1st. They set a peer perform rating on the stock. 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. Vertical Research raised shares of PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. Robert W. Baird reaffirmed an outperform rating and set a $150.00 target price on shares of PPG Industries in a report on Friday, January 19th. Finally, Evercore ISI cut shares of PPG Industries from an outperform rating to an in-line rating and set a $152.00 target price on the stock. in a report on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $155.47.

PPG Industries Stock Up 0.1 %

PPG Industries stock opened at $130.52 on Monday. The stock has a market cap of $30.61 billion, a P/E ratio of 22.05, a P/E/G ratio of 1.57 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89. The company’s 50-day moving average price is $139.81 and its two-hundred day moving average price is $138.91.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting the consensus estimate 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 22.98%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.82 EPS. As a group, analysts expect that PPG Industries will post 8.47 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be given a $0.65 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a yield of 1.99%. PPG Industries’s dividend payout ratio is currently 43.92%.

PPG Industries announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On PPG Industries

A number of hedge funds have recently modified their holdings of the business. Wedmont Private Capital lifted its holdings in shares of PPG Industries by 2.9% during the fourth quarter. Wedmont Private Capital now owns 2,464 shares of the specialty chemicals company’s stock worth $363,000 after purchasing an additional 70 shares during the period. Barrett & Company Inc. lifted its holdings in shares of PPG Industries by 10.6% during the fourth quarter. Barrett & Company Inc. now owns 763 shares of the specialty chemicals company’s stock worth $114,000 after purchasing an additional 73 shares during the period. FinTrust Capital Advisors LLC raised its stake in PPG Industries by 38.6% during the fourth quarter. FinTrust Capital Advisors LLC now owns 273 shares of the specialty chemicals company’s stock worth $41,000 after buying an additional 76 shares during the last quarter. CWA Asset Management Group LLC raised its stake in PPG Industries by 2.0% during the third quarter. CWA Asset Management Group LLC now owns 4,052 shares of the specialty chemicals company’s stock worth $526,000 after buying an additional 78 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its stake in PPG Industries by 20.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 462 shares of the specialty chemicals company’s stock worth $69,000 after buying an additional 80 shares during the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

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.