PPG Industries’ (PPG) “Buy” Rating Reaffirmed at Northcoast Research

PPG Industries (NYSE:PPG)‘s stock had its “buy” rating reissued by Northcoast Research in a note issued to investors on Friday. They presently have a $128.00 target price on the specialty chemicals company’s stock. Northcoast Research’s target price indicates a potential upside of 8.07% from the stock’s previous close.

PPG has been the subject of a number of other reports. Bank of America set a $120.00 price target on PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Citigroup raised their price target on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Robert W. Baird raised their price target on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. Finally, Wells Fargo & Co reissued a “market perform” rating and set a $120.00 price target (up from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $123.47.

Shares of PPG Industries (NYSE PPG) opened at $118.44 on Friday. The stock has a market capitalization of $30,140.00, a P/E ratio of 21.73, a PEG ratio of 2.08 and a beta of 1.60. PPG Industries has a one year low of $97.87 and a one year high of $122.07. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the company earned $1.19 EPS. sell-side analysts predict that PPG Industries will post 6.59 earnings per share for the current fiscal year.

PPG Industries announced that its Board of Directors has authorized a share buyback plan on Thursday, December 14th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its position in PPG Industries by 18.8% during the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after purchasing an additional 509,356 shares in the last quarter. Nordea Investment Management AB raised its position in PPG Industries by 3.1% during the 3rd quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock valued at $309,054,000 after purchasing an additional 85,980 shares in the last quarter. Bank of New York Mellon Corp raised its position in PPG Industries by 7.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock valued at $296,017,000 after purchasing an additional 199,074 shares in the last quarter. Parnassus Investments CA raised its position in PPG Industries by 3.9% during the 3rd quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock valued at $266,850,000 after purchasing an additional 91,417 shares in the last quarter. Finally, American Century Companies Inc. raised its position in PPG Industries by 408.2% during the 3rd quarter. American Century Companies Inc. now owns 1,878,315 shares of the specialty chemicals company’s stock valued at $204,098,000 after purchasing an additional 1,508,715 shares in the last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.

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PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.

Analyst Recommendations for PPG Industries (NYSE:PPG)

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