PPG Industries Inc. (PPG) Price Target Cut to $106.00 by Analysts at Royal Bank Of Canada
PPG Industries Inc. (NYSE:PPG) had its target price decreased by investment analysts at Royal Bank Of Canada from $125.00 to $106.00 in a research note issued on Tuesday. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price points to a potential upside of 12.95% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a report on Tuesday, September 13th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a report on Friday, June 17th. Jefferies Group reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. Longbow Research raised 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 raised PPG Industries from an “accumulate” rating to a “buy” rating and upped their price target for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $119.25.
Shares of PPG Industries (NYSE:PPG) opened at 93.85 on Tuesday. The firm’s 50-day moving average price is $103.21 and its 200-day moving average price is $106.84. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00. The firm has a market cap of $24.99 billion, a price-to-earnings ratio of 17.34 and a beta of 1.47.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/11/ppg-industries-inc-ppg-price-target-cut-to-106-00-by-analysts-at-royal-bank-of-canada-2.html
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting the consensus estimate of $1.85. The firm earned $4.10 billion during the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.67 EPS. Equities research analysts expect that PPG Industries will post $6.17 EPS for the current fiscal year.
The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.70%. PPG Industries’s payout ratio is 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the transaction, the vice president now directly owns 11,806 shares in the company, valued at approximately $1,228,768.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 69,044 shares in the company, valued at $7,362,852.16. 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 stock. Cable Hill Partners LLC raised its position in shares of PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock worth $142,000 after buying an additional 25 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of PPG Industries during the first quarter worth approximately $144,000. Invictus RG purchased a new position in shares of PPG Industries during the first quarter worth approximately $147,000. Ropes Wealth Advisors LLC raised its position in shares of PPG Industries by 2.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,697 shares of the company’s stock worth $177,000 after buying an additional 37 shares during the last quarter. Finally, Checchi Capital Advisers LLC raised its position in shares of PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock worth $202,000 after buying an additional 59 shares during the last quarter. Hedge funds and other institutional investors 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.
Receive News & Ratings for PPG Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.