PPG Industries Inc. (PPG) Given a $110.00 Price Target by JPMorgan Chase & Co. Analysts
PPG Industries Inc. (NYSE:PPG) has been given a $110.00 price objective by investment analysts at JPMorgan Chase & Co. in a research note issued on Monday. The brokerage currently has a a “buy” rating on the stock. JPMorgan Chase & Co.’s target price suggests a potential upside of 17.21% from the stock’s current price.
Several other equities analysts also recently commented on the stock. Citigroup Inc. decreased their price objective on shares of PPG Industries from $131.00 to $112.00 and set a “buy” rating on the stock in a report on Tuesday. Royal Bank Of Canada reduced their target price on shares of PPG Industries from $125.00 to $106.00 and set an “outperform” rating for the company in a research report on Tuesday. Deutsche Bank AG cut shares of PPG Industries from a “buy” rating to a “hold” rating and reduced 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. Finally, Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, September 28th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. PPG Industries currently has a consensus rating of “Buy” and a consensus price target of $116.42.
Shares of PPG Industries (NYSE:PPG) traded down 1.95% during midday trading on Monday, hitting $92.02. 2,308,975 shares of the company were exchanged. The company has a market capitalization of $24.50 billion, a P/E ratio of 17.00 and a beta of 1.47. The company has a 50-day moving average of $103.21 and a 200 day moving average of $106.84. 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 released its quarterly earnings data on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the previous year, the company earned $1.67 earnings per share. The company’s quarterly revenue was down .9% on a year-over-year basis. On average, equities research analysts expect that PPG Industries will post $6.17 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, August 8th. PPG Industries’s payout ratio is 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the business’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 of the company’s stock, valued at $1,228,768.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was 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 of the company’s stock, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PPG. Vanguard Group Inc. increased its position in PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock valued at $1,884,182,000 after buying an additional 328,358 shares in the last quarter. FMR LLC increased its position in PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock valued at $1,769,075,000 after buying an additional 409,325 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in 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 valued at $1,665,343,000 after buying an additional 139,886 shares in the last quarter. State Street Corp increased its position in PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock valued at $1,295,100,000 after buying an additional 368,260 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in 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 valued at $726,755,000 after buying an additional 132,813 shares in 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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