PPG Industries Inc. (PPG) Rating Reiterated by Goldman Sachs Group Inc.
PPG Industries Inc. (NYSE:PPG)‘s stock had its “buy” rating restated by analysts at Goldman Sachs Group Inc. in a research note issued to investors on Thursday. They presently have a $111.00 price objective on the stock, down from their previous price objective of $119.00. Goldman Sachs Group Inc.’s target price indicates a potential upside of 20.50% from the stock’s previous close.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and boosted their price objective for the stock from $125.00 to $130.00 in a research note on Tuesday, July 26th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research note on Friday, June 17th. Credit Suisse Group AG reiterated a “buy” rating on shares of PPG Industries in a research note on Wednesday, June 15th. Finally, RBC Capital Markets reiterated an “outperform” rating and set a $106.00 price objective (down previously from $125.00) on shares of PPG Industries in a research note on Wednesday. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $115.46.
PPG Industries (NYSE:PPG) traded up 0.20% during midday trading on Thursday, hitting $92.12. 2,603,365 shares of the stock were exchanged. The firm’s 50 day moving average price is $102.02 and its 200 day moving average price is $106.53. The company has a market cap of $24.53 billion, a PE ratio of 17.02 and a beta of 1.47. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00.
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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. 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 quarter in the previous year, the business posted $1.67 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities research analysts forecast that PPG Industries will post $6.17 earnings per share for the current fiscal year.
In other news, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the sale, the vice president now directly owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the sale, the insider now directly 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 currently owned by insiders.
A number of hedge funds have recently made changes to their positions in PPG. Community Bank N.A. increased its stake in shares of PPG Industries by 1.5% in the third quarter. Community Bank N.A. now owns 2,654 shares of the company’s stock worth $274,000 after buying an additional 40 shares during the period. Highland Capital Management LLC increased its stake in shares of PPG Industries by 1.2% in the third quarter. Highland Capital Management LLC now owns 10,775 shares of the company’s stock worth $1,114,000 after buying an additional 124 shares during the period. MSI Financial Services Inc increased its stake in shares of PPG Industries by 4.1% in the third quarter. MSI Financial Services Inc now owns 11,399 shares of the company’s stock worth $1,178,000 after buying an additional 447 shares during the period. Prospera Financial Services Inc purchased a new stake in shares of PPG Industries during the third quarter worth about $522,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of PPG Industries by 2.4% in the third quarter. Nisa Investment Advisors LLC now owns 47,630 shares of the company’s stock worth $4,923,000 after buying an additional 1,120 shares during the period. 73.04% of the stock is currently owned by hedge funds and other institutional investors.
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.
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