PPG Industries Inc. (NYSE:PPG)‘s stock had its “buy” rating restated by research analysts at Jefferies Group in a report issued on Wednesday. They currently have a $129.00 price target on the stock. Jefferies Group’s price target would indicate a potential upside of 26.24% from the company’s previous close.
A number of other equities research analysts also recently weighed in on PPG. Morgan Stanley restated a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Seaport Global Securities upgraded PPG Industries from an “accumulate” rating to a “buy” rating and raised their price target for the company from $125.00 to $130.00 in a research report on Tuesday, July 26th. Zacks Investment Research downgraded PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Credit Suisse Group AG restated a “buy” rating on shares of PPG Industries in a research report on Wednesday, June 15th. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $120.00 price target on shares of PPG Industries in a research report on Friday, June 17th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Buy” and an average price target of $121.17.
Shares of PPG Industries (NYSE:PPG) opened at 102.19 on Wednesday. The company has a market cap of $27.21 billion, a price-to-earnings ratio of 18.88 and a beta of 1.47. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00. The company’s 50-day moving average price is $103.81 and its 200-day moving average price is $107.10.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter last year, the business posted $1.67 earnings per share. The company’s revenue for the quarter was down .9% on a year-over-year basis. Analysts anticipate that PPG Industries will post $6.17 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 annualized dividend and a dividend yield of 1.57%. PPG Industries’s payout ratio is presently 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the completion of the sale, the vice president now directly owns 11,806 shares in the company, valued at $1,228,768.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the completion of the sale, the insider now owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of PPG. Cable Hill Partners LLC raised its stake in shares of PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock valued at $142,000 after buying an additional 25 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of PPG Industries during the first quarter valued at approximately $144,000. Invictus RG bought a new stake in shares of PPG Industries during the first quarter valued at approximately $147,000. Nikko Asset Management Americas Inc. bought a new stake in shares of PPG Industries during the first quarter valued at approximately $157,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock valued at $158,000 after buying an additional 162 shares during the period. Institutional investors and hedge funds own 73.04% of the company’s stock.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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