PPG Industries Inc. (PPG) Downgraded to Hold at Deutsche Bank AG
PPG Industries Inc. (NYSE:PPG) was downgraded by equities researchers at Deutsche Bank AG from a “buy” rating to a “hold” rating in a research note issued on Monday, The Fly reports.
Several other research firms have also issued reports on PPG. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price for the company in a report on Thursday, June 23rd. JPMorgan Chase & Co. reiterated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a report on Friday, June 17th. Jefferies Group reiterated a “buy” rating and set a $129.00 target price (up from $127.00) on shares of PPG Industries in a report on Monday, July 25th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $121.17.
Shares of PPG Industries (NYSE:PPG) traded up 0.13% during trading on Monday, reaching $93.85. The company’s stock had a trading volume of 3,251,573 shares. The firm’s 50-day moving average price is $103.21 and its 200-day moving average price is $106.84. The company has a market capitalization of $24.99 billion, a price-to-earnings ratio of 17.34 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 posted its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.17 billion. During the same period in the previous year, the firm posted $1.67 EPS. The business’s revenue was down .9% on a year-over-year basis. On average, equities analysts anticipate that PPG Industries will post $6.17 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Monday, August 8th. PPG Industries’s payout ratio is 29.57%.
In other news, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were 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 owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction on 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 disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock worth $1,884,182,000 after buying an additional 328,358 shares during the last quarter. FMR LLC increased its stake in shares of PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock worth $1,769,075,000 after buying an additional 409,325 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock worth $1,665,343,000 after buying an additional 139,886 shares during the last quarter. State Street Corp increased its stake in shares of PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock worth $1,295,100,000 after buying an additional 368,260 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock worth $726,755,000 after buying an additional 132,813 shares during the last quarter. 73.04% of the stock is owned by hedge funds and other 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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