Goldman Sachs Group Inc. reissued their buy rating on shares of PPG Industries Inc. (NYSE:PPG) in a research note released on Thursday. Goldman Sachs Group Inc. currently has a $111.00 price target on the stock, down from their prior price target of $119.00.
Other equities analysts have also issued reports about the company. Credit Suisse Group AG restated a buy rating and set a $115.00 price target on shares of PPG Industries in a research note on Tuesday, September 13th. JPMorgan Chase & Co. reiterated a buy rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Friday, June 17th. Jefferies Group reiterated a buy rating on shares of PPG Industries in a research note on Wednesday, July 6th. Longbow Research upgraded PPG Industries from a neutral rating to a buy rating and set a $130.00 price objective on the stock in a research note on Thursday, June 23rd. Finally, Seaport Global Securities upgraded PPG Industries from an accumulate rating to a buy rating and upped their price objective for the company from $125.00 to $130.00 in a research note on Tuesday, July 26th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. PPG Industries has a consensus rating of Buy and an average target price of $115.46.
Shares of PPG Industries (NYSE:PPG) traded up 0.85% during trading on Thursday, hitting $92.90. The stock had a trading volume of 535,352 shares. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00. The stock’s 50 day moving average is $102.02 and its 200 day moving average is $106.53. The stock has a market capitalization of $24.74 billion, a price-to-earnings ratio of 17.17 and a beta of 1.47.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same period in the previous year, the company posted $1.67 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities research analysts expect that PPG Industries will post $6.17 earnings per share for the current fiscal year.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the company’s 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 transaction, the vice president now owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s 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 transaction, the insider now directly owns 69,044 shares in the company, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock worth $74,678,000 after buying an additional 189,934 shares during the period. Legal & General Group Plc increased its position 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 worth $125,793,000 after buying an additional 30,011 shares during the period. Capital Fund Management S.A. bought a new position in PPG Industries during the second quarter worth $24,833,000. Wellington Management Group LLP increased its position 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 worth $164,615,000 after buying an additional 924,195 shares during the period. Finally, Capstone Asset Management Co. increased its position in PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock worth $3,036,000 after buying an additional 426 shares during the period. 73.04% of the stock is currently owned by institutional investors.
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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