PPG Industries, Inc. (NYSE:PPG) had its price objective upped by Citigroup Inc from $114.00 to $127.00 in a research note published on Wednesday morning. They currently have a neutral rating on the specialty chemicals company’s stock.
Several other analysts also recently issued reports on the company. Robert W. Baird reiterated a buy rating and set a $115.00 price target on shares of PPG Industries in a research note on Friday, September 1st. Royal Bank Of Canada reiterated a hold rating and set a $109.00 price target on shares of PPG Industries in a research note on Wednesday, September 13th. Argus upgraded PPG Industries from a hold rating to a buy rating and upped their price target for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Deutsche Bank AG upped their price target on PPG Industries from $110.00 to $115.00 and gave the stock a hold rating in a research note on Friday, July 21st. Finally, Credit Suisse Group reiterated an outperform rating and set a $114.00 price target (up previously from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $119.36.
PPG Industries (NYSE PPG) traded up 0.81% during trading on Wednesday, hitting $118.67. The stock had a trading volume of 1,021,383 shares. The company has a market cap of $30.44 billion, a P/E ratio of 31.22 and a beta of 1.55. The company has a 50 day moving average of $110.45 and a 200-day moving average of $108.26. PPG Industries has a 12-month low of $90.88 and a 12-month high of $119.07.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.52. The company had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.56 EPS. On average, equities analysts predict that PPG Industries will post $5.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.80 annualized dividend and a yield of 1.52%. PPG Industries’s payout ratio is 26.12%.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the completion of the sale, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $100.80, for a total value of $1,997,049.60. Following the sale, the vice president now owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Polaris Greystone Financial Group LLC bought a new stake in shares of PPG Industries in the 2nd quarter worth approximately $1,518,000. AXA lifted its position in shares of PPG Industries by 47.4% in the 2nd quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock worth $91,122,000 after acquiring an additional 266,457 shares during the period. Great Lakes Advisors LLC lifted its position in shares of PPG Industries by 214.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 6,662 shares of the specialty chemicals company’s stock worth $733,000 after acquiring an additional 4,541 shares during the period. BlackRock Inc. lifted its position in shares of PPG Industries by 2,006.8% in the 1st quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock worth $1,533,684,000 after acquiring an additional 13,902,595 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of PPG Industries by 1.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock worth $1,948,708,000 after acquiring an additional 216,278 shares during the period. Hedge funds and other institutional investors own 73.96% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.