PPG Industries Inc. (PPG) Given New $112.00 Price Target at Citigroup Inc.
PPG Industries Inc. (NYSE:PPG) had its target price dropped by investment analysts at Citigroup Inc. from $131.00 to $112.00 in a report issued on Tuesday. The brokerage currently has a “buy” rating on the stock. Citigroup Inc.’s price objective would indicate a potential upside of 19.34% from the company’s previous close.
Other equities analysts also recently issued research reports about the company. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price objective on shares of PPG Industries in a report on Tuesday, September 13th. JPMorgan Chase & Co. restated a “buy” rating and set a $120.00 price target on shares of PPG Industries in a report on Friday, June 17th. Jefferies Group restated a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. Longbow Research upgraded PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a report on Thursday, June 23rd. Finally, Seaport Global Securities upgraded PPG Industries from an “accumulate” rating to a “buy” rating and raised their price target for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $117.25.
Shares of PPG Industries (NYSE:PPG) traded down 2.23% during trading on Tuesday, hitting $91.76. 1,921,536 shares of the company were exchanged. The company has a 50 day moving average of $103.21 and a 200-day moving average of $106.84. 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 $24.43 billion, a PE ratio of 16.95 and a beta of 1.47.
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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 (EPS) for the quarter, hitting analysts’ consensus estimates of $1.85. The business earned $4.10 billion during 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 firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.67 earnings per share. On average, analysts forecast that PPG Industries will post $6.17 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 annualized dividend and a yield of 1.70%. PPG Industries’s payout ratio is 29.57%.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’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 $7,362,852.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the completion of the transaction, 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. 0.68% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Fisher Asset Management LLC boosted its position in PPG Industries by 7.9% in the third quarter. Fisher Asset Management LLC now owns 2,135 shares of the company’s stock worth $221,000 after buying an additional 156 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in PPG Industries by 1.3% in the third quarter. Oregon Public Employees Retirement Fund now owns 59,527 shares of the company’s stock worth $6,153,000 after buying an additional 778 shares during the last quarter. Central Bank & Trust Co. boosted its position in PPG Industries by 0.5% in the third quarter. Central Bank & Trust Co. now owns 40,006 shares of the company’s stock worth $4,135,000 after buying an additional 195 shares during the last quarter. Independence Advisors LLC boosted its position in PPG Industries by 2.5% in the third quarter. Independence Advisors LLC now owns 30,250 shares of the company’s stock worth $3,127,000 after buying an additional 751 shares during the last quarter. Finally, Liberty Capital Management Inc. boosted its position in PPG Industries by 75.9% in the third quarter. Liberty Capital Management Inc. now owns 4,125 shares of the company’s stock worth $421,000 after buying an additional 1,780 shares during 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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