PPG Industries Inc. (PPG) Downgraded by Deutsche Bank AG to Hold
PPG Industries Inc. (NYSE:PPG) was downgraded by research analysts at Deutsche Bank AG from a “buy” rating to a “hold” rating in a note issued to investors on Monday, The Fly reports.
Several other analysts have also recently commented on the stock. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a research note on Tuesday, August 9th. Jefferies Group reiterated a “buy” rating and issued a $129.00 price target (up previously from $127.00) on shares of PPG Industries in a research note on Monday, July 25th. Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target on the stock in a research note on Thursday, June 23rd. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research note on Friday, June 17th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. PPG Industries currently has an average rating of “Buy” and an average price target of $121.17.
PPG Industries (NYSE:PPG) traded up 0.13% during mid-day trading on Monday, hitting $93.85. The company had a trading volume of 3,251,573 shares. PPG Industries has a 1-year low of $88.37 and a 1-year high of $117.00. The stock has a market capitalization of $24.99 billion, a PE ratio of 17.34 and a beta of 1.47. The stock has a 50 day moving average price of $103.21 and a 200-day moving average price of $106.84.
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PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, hitting 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 net margin of 9.57% and a return on equity of 30.94%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.67 EPS. On average, analysts forecast that PPG Industries will post $6.17 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a yield of 1.70%. PPG Industries’s dividend payout ratio is currently 29.57%.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of the company’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 transaction, the insider now directly owns 69,044 shares in the company, valued at approximately $7,362,852.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the company’s 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 completion of the transaction, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of PPG Industries by 25.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,371 shares of the company’s stock worth $1,602,000 after buying an additional 2,937 shares in the last quarter. BB&T Securities LLC increased its position in shares of PPG Industries by 167.6% in the first quarter. BB&T Securities LLC now owns 11,081 shares of the company’s stock worth $1,235,000 after buying an additional 6,940 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of PPG Industries by 3.6% in the first quarter. Canada Pension Plan Investment Board now owns 803,764 shares of the company’s stock worth $89,612,000 after buying an additional 27,560 shares in the last quarter. Credit Agricole S A increased its position in shares of PPG Industries by 196.2% in the first quarter. Credit Agricole S A now owns 194,508 shares of the company’s stock worth $21,686,000 after buying an additional 128,846 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its position in shares of PPG Industries by 36.4% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,037 shares of the company’s stock worth $1,119,000 after buying an additional 2,680 shares in the last quarter. Institutional investors and hedge funds own 73.04% 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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