PPG Industries Inc. (PPG) Stock Rating Upgraded by Seaport Global Securities
PPG Industries Inc. (NYSE:PPG) was upgraded by analysts at Seaport Global Securities from an “accumulate” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $130.00 target price on the stock, up from their previous target price of $125.00. Seaport Global Securities’ price target would indicate a potential upside of 38.70% from the company’s current price.
A number of other equities analysts also recently issued reports on PPG. Zacks Investment Research raised PPG Industries from a “hold” rating to a “buy” rating and set a $126.00 price target on the stock in a research report on Tuesday, April 26th. Morgan Stanley reissued a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Credit Suisse Group AG reissued 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 research report on Friday, June 17th. Finally, Citigroup Inc. upped their target price on PPG Industries from $120.00 to $131.00 and gave the company a “buy” rating in a research report on Monday, April 18th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $121.17.
PPG Industries (NYSE:PPG) traded down 8.28% during midday trading on Tuesday, reaching $93.73. The company’s stock had a trading volume of 7,136,802 shares. The stock’s 50 day moving average price is $103.53 and its 200-day moving average price is $106.99. The stock has a market cap of $24.96 billion, a price-to-earnings ratio of 17.32 and a beta of 1.47. PPG Industries has a one year low of $88.37 and a one year high of $117.00.
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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, hitting analysts’ consensus estimates of $1.85. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 earnings per share. On average, analysts forecast that PPG Industries will post $6.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Monday, August 8th. PPG Industries’s payout ratio is currently 29.57%.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the sale, the insider now directly owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction 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 disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Dai Ichi Life Insurance CO. LTD. raised its position in shares of PPG Industries by 653.1% in the fourth quarter. Dai Ichi Life Insurance CO. LTD. now owns 43,818 shares of the company’s stock worth $4,330,000 after buying an additional 38,000 shares in the last quarter. Burney Co. raised its position in shares of PPG Industries by 17.5% in the fourth quarter. Burney Co. now owns 14,637 shares of the company’s stock worth $1,462,000 after buying an additional 2,181 shares in the last quarter. Bank of Montreal Can raised its position in shares of PPG Industries by 278.5% in the fourth quarter. Bank of Montreal Can now owns 720,929 shares of the company’s stock worth $71,240,000 after buying an additional 530,448 shares in the last quarter. BHF Kleinwort Benson Group S.A. bought a new position in shares of PPG Industries during the fourth quarter worth $7,633,000. Finally, Edge Asset Management Inc. raised its position in shares of PPG Industries by 21.1% in the fourth quarter. Edge Asset Management Inc. now owns 402,913 shares of the company’s stock worth $39,816,000 after buying an additional 70,088 shares in the last quarter. 73.04% of the stock is currently owned by institutional investors and hedge funds.
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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