PPG Industries Inc. (NYSE:PPG) had its price objective trimmed by Citigroup Inc. from $131.00 to $112.00 in a report released on Tuesday morning. The brokerage currently has a buy rating on the stock.
A number of other equities analysts have also recently issued reports on the company. Royal Bank Of Canada reduced their target price on PPG Industries from $125.00 to $106.00 and set an outperform rating on the stock in a report on Tuesday. Deutsche Bank AG lowered PPG Industries from a buy rating to a hold rating and dropped their target price for the company from $122.00 to $100.00 in a research report on Monday. Jefferies Group reissued a buy rating and issued a $129.00 target price on shares of PPG Industries in a research report on Wednesday, October 5th. Zacks Investment Research raised PPG Industries from a sell rating to a hold rating in a research report on Wednesday, September 28th. Finally, Credit Suisse Group AG reaffirmed a buy rating and set a $115.00 price target on shares of PPG Industries in a research report on Tuesday, September 13th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $116.42.
PPG Industries (NYSE:PPG) traded down 0.75% during midday trading on Tuesday, reaching $91.61. 646,740 shares of the company traded hands. The company has a 50-day moving average price of $102.85 and a 200-day moving average price of $106.74. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The company has a market cap of $24.39 billion, a price-to-earnings ratio of 16.93 and a beta of 1.47.
PPG Industries (NYSE:PPG) last posted 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. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the business earned $1.67 earnings per share. On average, analysts predict that PPG Industries will post $6.17 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were issued a $0.40 dividend. The ex-dividend date was Monday, August 8th. This represents a $1.60 annualized dividend and a yield of 1.73%. PPG Industries’s payout ratio is currently 29.57%.
In related news, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $1,228,768.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction that occurred on 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 sale, the insider now directly 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 company insiders.
Several hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. acquired a new stake in shares of PPG Industries during the first quarter worth approximately $144,000. Invictus RG purchased a new stake in PPG Industries during the first quarter worth about $147,000. Cable Hill Partners LLC increased its stake in 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 in the last quarter. Ropes Wealth Advisors LLC increased its stake in 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 in the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in 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 in the last quarter. 73.04% of the stock is owned by institutional investors.
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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