PPG Industries Inc. (PPG) Stock Rating Reaffirmed by RBC Capital Markets
PPG Industries Inc. (NYSE:PPG)‘s stock had its “outperform” rating reissued by equities research analysts at RBC Capital Markets in a note issued to investors on Wednesday. They currently have a $106.00 price target on the stock, down from their prior price target of $125.00. RBC Capital Markets’ price objective indicates a potential upside of 14.84% from the stock’s current price.
Several other analysts have also commented on PPG. Citigroup Inc. lowered their price objective on shares of PPG Industries from $131.00 to $112.00 and set a “buy” rating for the company in a report on Tuesday. Morgan Stanley restated a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Zacks Investment Research lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Credit Suisse Group AG restated a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Finally, Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and raised their price objective for the stock from $125.00 to $130.00 in a report on Tuesday, July 26th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Buy” and a consensus price target of $115.62.
Shares of PPG Industries (NYSE:PPG) traded down 0.417% during trading on Wednesday, hitting $91.915. The stock had a trading volume of 1,533,478 shares. The firm has a market cap of $24.48 billion, a PE ratio of 16.984 and a beta of 1.47. The stock has a 50 day moving average of $102.85 and a 200 day moving average of $106.74. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00.
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PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 21st. The company reported $1.85 EPS for the quarter, hitting 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 business earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same period last year, the business posted $1.67 earnings per share. PPG Industries’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities analysts anticipate that PPG Industries will post $6.17 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid 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 dividend payout ratio (DPR) is 29.57%.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries 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 sale, the insider now directly owns 69,044 shares in the company, valued at approximately $7,362,852.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction 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 completion of the sale, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in shares of PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock worth $164,615,000 after buying an additional 924,195 shares in the last quarter. Bank of Montreal Can acquired a new stake in PPG Industries during the second quarter worth $61,750,000. Emerald Acquisition Ltd. acquired a new stake in PPG Industries during the second quarter worth $52,722,000. Public Employees Retirement Association of Colorado increased its stake in PPG Industries by 744.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 506,068 shares of the company’s stock worth $52,707,000 after buying an additional 446,151 shares during the period. Finally, RidgeWorth Capital Management LLC increased its stake in PPG Industries by 360.5% in the second quarter. RidgeWorth Capital Management LLC now owns 569,606 shares of the company’s stock worth $59,536,000 after buying an additional 445,926 shares during the period. Institutional investors own 73.04% of the company’s stock.
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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