Investors Sell Shares of PPG Industries (PPG) on Strength Following Analyst Downgrade

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Investors sold shares of PPG Industries, Inc. (NYSE:PPG) on strength during trading on Friday after BMO Capital Markets lowered their price target on the stock from $116.00 to $107.00. $55.87 million flowed into the stock on the tick-up and $78.18 million flowed out of the stock on the tick-down, for a money net flow of $22.31 million out of the stock. Of all stocks tracked, PPG Industries had the 0th highest net out-flow for the day. PPG Industries traded up $2.40 for the day and closed at $101.39

A number of other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a report on Wednesday, September 19th. Goldman Sachs Group raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 price objective for the company in a report on Wednesday, July 25th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $119.00 price objective on shares of PPG Industries in a report on Monday, September 24th. JPMorgan Chase & Co. cut shares of PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price objective for the company. in a report on Friday, July 27th. They noted that the move was a valuation call. Finally, Vertical Research cut shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and an average target price of $117.71.

Several hedge funds have recently added to or reduced their stakes in PPG. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of PPG Industries during the second quarter worth about $327,975,000. Massachusetts Financial Services Co. MA increased its stake in shares of PPG Industries by 15.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 22,112,913 shares of the specialty chemicals company’s stock worth $2,293,772,000 after purchasing an additional 2,995,436 shares in the last quarter. Parnassus Investments CA increased its stake in shares of PPG Industries by 68.1% during the second quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock worth $441,520,000 after purchasing an additional 1,724,631 shares in the last quarter. Mondrian Investment Partners LTD purchased a new stake in shares of PPG Industries during the second quarter worth about $46,290,000. Finally, Bank of America Corp DE increased its stake in shares of PPG Industries by 15.2% during the second quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock worth $316,527,000 after purchasing an additional 401,643 shares in the last quarter. 77.79% of the stock is owned by institutional investors and hedge funds.

The company has a market capitalization of $23.75 billion, a P/E ratio of 17.27, a PEG ratio of 2.02 and a beta of 1.50. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.22 and a current ratio of 1.70.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 EPS for the quarter, hitting analysts’ consensus estimates of $1.45. The business had revenue of $3.82 billion during the quarter, compared to analysts’ expectations of $3.81 billion. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.52 earnings per share. Analysts anticipate that PPG Industries, Inc. will post 5.83 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 12th will be paid a dividend of $0.48 per share. The ex-dividend date is Thursday, November 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.89%. PPG Industries’s dividend payout ratio is currently 32.71%.

About PPG Industries (NYSE:PPG)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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