Deutsche Bank AG lowered shares of PPG Industries Inc. (NYSE:PPG) from a buy rating to a hold rating in a research note published on Monday morning. The firm currently has $100.00 price objective on the stock, down from their prior price objective of $122.00.
Several other equities research analysts have also recently issued reports on PPG. Credit Suisse Group AG reiterated a buy rating on shares of PPG Industries in a research report on Wednesday, June 15th. JPMorgan Chase & Co. reissued a buy rating and issued a $120.00 target price on shares of PPG Industries in a report on Friday, June 17th. Morgan Stanley reissued a hold rating on shares of PPG Industries in a report on Thursday, June 16th. Longbow Research raised shares of PPG Industries from a neutral rating to a buy rating and set a $130.00 target price for the company in a report on Thursday, June 23rd. Finally, Jefferies Group reissued a buy rating on shares of PPG Industries in a report on Wednesday, July 6th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $115.83.
PPG Industries (NYSE:PPG) opened at 91.94 on Monday. The firm has a 50-day moving average of $102.43 and a 200 day moving average of $106.63. PPG Industries has a one year low of $88.37 and a one year high of $117.00. The company has a market capitalization of $24.48 billion, a price-to-earnings ratio of 16.99 and a beta of 1.47.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.85. The firm had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 earnings per share. Equities research analysts predict that PPG Industries will post $6.17 earnings per share for the current fiscal year.
In other news, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total value of $4,366,908.00. Following 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. Company insiders own 0.68% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock valued at $74,678,000 after buying an additional 189,934 shares during the period. Legal & General Group Plc increased its stake in PPG Industries by 2.7% in the first quarter. Legal & General Group Plc now owns 1,128,300 shares of the company’s stock valued at $125,793,000 after buying an additional 30,011 shares during the period. Capital Fund Management S.A. acquired a new stake in PPG Industries during the second quarter valued at $24,833,000. Wellington Management Group LLP increased its stake in PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock valued at $164,615,000 after buying an additional 924,195 shares during the period. Finally, Capstone Asset Management Co. increased its stake in PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock valued at $3,036,000 after buying an additional 426 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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