PPG Industries Inc. (PPG) Price Target Cut to $106.00 by Analysts at Royal Bank Of Canada
PPG Industries Inc. (NYSE:PPG) had its price target reduced by analysts at Royal Bank Of Canada from $125.00 to $106.00 in a research report issued to clients and investors on Tuesday. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 12.95% from the stock’s current price.
PPG has been the topic of a number of other research reports. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Credit Suisse Group AG reissued a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Jefferies Group reissued a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Finally, Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a report on Thursday, June 23rd. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $119.25.
PPG Industries (NYSE:PPG) opened at 93.85 on Tuesday. The company’s 50-day moving average is $103.21 and its 200 day moving average is $106.84. The stock has a market capitalization of $24.99 billion, a PE ratio of 17.34 and a beta of 1.47. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00.
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.html
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.85. The firm had revenue of $4.10 billion for the quarter, compared to the consensus estimate 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 last year, the firm posted $1.67 EPS. On average, equities research analysts expect that PPG Industries will post $6.17 earnings per share for the current fiscal year.
The business 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 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Monday, August 8th. PPG Industries’s payout ratio is currently 29.57%.
In other news, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction that occurred 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 sale, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries stock in a transaction that occurred 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 owns 69,044 shares in the company, 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 added to or reduced their stakes in the stock. ING Groep acquired a new stake in shares of PPG Industries during the third quarter valued at $12,875,000. TrimTabs Asset Management acquired a new stake in shares of PPG Industries during the third quarter valued at $2,056,000. Union Bankshares boosted its stake in shares of PPG Industries by 14.7% in the fourth quarter. Union Bankshares now owns 24,318 shares of the company’s stock valued at $2,403,000 after buying an additional 3,118 shares in the last quarter. Lenox Wealth Advisors boosted its stake in shares of PPG Industries by 5.9% in the fourth quarter. Lenox Wealth Advisors now owns 985 shares of the company’s stock valued at $97,000 after buying an additional 55 shares in the last quarter. Finally, Janus Capital Management boosted its stake in shares of PPG Industries by 5.9% in the third quarter. Janus Capital Management now owns 2,736,043 shares of the company’s stock valued at $239,924,000 after buying an additional 152,859 shares in 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.