RBC Capital Markets restated their outperform rating on shares of PPG Industries Inc. (NYSE:PPG) in a research report released on Wednesday morning. The brokerage currently has a $106.00 target price on the stock, down from their prior target price of $125.00.
Several other research firms have also recently commented on PPG. Morgan Stanley reissued a hold rating on shares of PPG Industries in a research note on Thursday, June 16th. Longbow Research raised PPG Industries from a neutral rating to a buy rating and set a $130.00 target price for the company in a research note on Thursday, June 23rd. JPMorgan Chase & Co. reissued a buy rating and issued a $120.00 target price on shares of PPG Industries in a research note on Friday, June 17th. Jefferies Group reissued a buy rating and issued a $129.00 target price (up from $127.00) on shares of PPG Industries in a research note on Monday, July 25th. Finally, Credit Suisse Group AG reissued a buy rating on shares of PPG Industries in a research note on Wednesday, June 15th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has an average rating of Buy and an average target price of $115.46.
Shares of PPG Industries (NYSE:PPG) opened at 92.60 on Wednesday. The stock has a market capitalization of $24.66 billion, a P/E ratio of 17.11 and a beta of 1.47. The company has a 50-day moving average price of $101.62 and a 200 day moving average price of $106.41. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter in the previous year, the company posted $1.67 EPS. The business’s revenue for the quarter was down .9% compared to the same quarter last year. Analysts forecast 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 the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following 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 filing with the SEC, which is accessible through the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the sale, the insider now owns 69,044 shares in the company, valued at $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.
Several 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 worth $142,000 after buying an additional 25 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of PPG Industries during the first quarter worth approximately $144,000. Invictus RG purchased a new stake in shares of PPG Industries during the first quarter worth approximately $147,000. Ropes Wealth Advisors LLC raised its stake in shares of PPG Industries by 2.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,697 shares of the company’s stock worth $177,000 after buying an additional 37 shares during the period. Finally, Checchi Capital Advisers LLC raised its stake in shares of PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock worth $202,000 after buying an additional 59 shares during the period. Institutional investors own 73.01% of the company’s stock.
PPG Industries Company Profile
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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