PPG Industries Inc. (PPG) Given Outperform Rating at RBC Capital Markets
PPG Industries Inc. (NYSE:PPG)‘s stock had its “outperform” rating reissued by analysts at RBC Capital Markets in a note issued to investors on Wednesday. They currently have a $106.00 target price on the stock, down from their previous target price of $125.00. RBC Capital Markets’ price target would indicate a potential upside of 14.84% from the stock’s previous close.
PPG has been the subject of several other reports. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PPG Industries in a research note on Wednesday, June 15th. JPMorgan Chase & Co. set a $110.00 price target on shares of PPG Industries and gave the company a “buy” rating in a research report on Monday. Jefferies Group reiterated a “buy” rating on shares of PPG Industries in a research report on Wednesday, July 6th. Finally, Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target on the stock in a research report on Thursday, June 23rd. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $115.62.
PPG Industries (NYSE:PPG) traded down 0.38% during trading on Wednesday, hitting $91.95. 1,550,727 shares of the company’s stock traded hands. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00. The stock has a market cap of $24.48 billion, a P/E ratio of 16.99 and a beta of 1.47. The company’s 50 day moving average is $102.85 and its 200-day moving average is $106.74.
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 http://www.americanbankingnews.com/2016/10/12/ppg-industries-inc-ppg-given-outperform-rating-at-rbc-capital-markets.html
PPG Industries (NYSE:PPG) last issued its quarterly earnings data 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 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 company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.67 earnings per share. On average, analysts predict that PPG Industries will post $6.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend 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 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 filing with the SEC, which is available at this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the 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.
Large investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in 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. Cypress Wealth Advisors LLC purchased a new stake in PPG Industries during the first quarter worth approximately $217,000. Zebra Capital Management LLC purchased a new stake in PPG Industries during the first quarter worth approximately $988,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in PPG Industries by 25.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,371 shares of the company’s stock worth $1,602,000 after buying an additional 2,937 shares during the last quarter. Finally, BB&T Securities LLC increased its position in shares of PPG Industries by 167.6% in the first quarter. BB&T Securities LLC now owns 11,081 shares of the company’s stock worth $1,235,000 after buying an additional 6,940 shares during the period. 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.