PPG Industries (NYSE:PPG) Price Target Cut to $141.00

PPG Industries (NYSE:PPG) had its price target decreased by Royal Bank of Canada from $156.00 to $141.00 in a report published on Monday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the specialty chemicals company’s stock.

Several other equities research analysts have also recently issued reports on PPG. 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. Redburn Atlantic cut shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 price target on the stock. in a research note on Thursday, February 1st. Vertical Research upgraded shares of PPG Industries from a hold rating to a buy rating in a research note on Wednesday, January 3rd. Barclays dropped their price target on shares of PPG Industries from $149.00 to $148.00 and set an equal weight rating on the stock in a research note on Monday. Finally, UBS Group dropped their price target on shares of PPG Industries from $156.00 to $150.00 and set a neutral rating on the stock in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average price target of $155.47.

PPG Industries Trading Down 1.0 %

Shares of PPG stock opened at $129.23 on Monday. PPG Industries has a 12-month low of $120.32 and a 12-month high of $152.89. The company has a current ratio of 1.55, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The firm’s 50 day moving average is $139.54 and its 200 day moving average is $138.85. The stock has a market capitalization of $30.30 billion, a P/E ratio of 21.83, a P/E/G ratio of 1.62 and a beta of 1.28.

PPG Industries (NYSE:PPG) last issued its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter last year, the company posted $1.82 earnings per share. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. Research analysts expect that PPG Industries will post 8.45 earnings per share for the current year.

PPG Industries announced that its board has authorized a share repurchase program on Thursday, April 18th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be issued 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 2.01%. PPG Industries’s dividend payout ratio is currently 43.92%.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

A number of large investors have recently made changes to their positions in PPG. OFI Invest Asset Management purchased a new position in shares of PPG Industries during the 3rd quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new position in shares of PPG Industries during the 4th quarter worth about $26,000. SJS Investment Consulting Inc. boosted its stake in shares of PPG Industries by 588.5% during the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 153 shares during the period. Private Wealth Management Group LLC purchased a new position in shares of PPG Industries during the 4th quarter worth about $27,000. Finally, CVA Family Office LLC purchased a new position in shares of PPG Industries during the 4th quarter worth about $28,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

About PPG Industries

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.