PPG Industries’ (PPG) “Buy” Rating Reaffirmed at Goldman Sachs Group Inc.
PPG Industries Inc. (NYSE:PPG)‘s stock had its “buy” rating restated by equities research analysts at Goldman Sachs Group Inc. in a note issued to investors on Thursday. They currently have a $111.00 target price on the stock, down from their prior target price of $119.00. Goldman Sachs Group Inc.’s price target would suggest a potential upside of 20.50% from the stock’s previous close.
A number of other research analysts also recently commented on the company. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, August 29th. RBC Capital Markets reissued an “outperform” rating and issued a $106.00 price target (down previously from $125.00) on shares of PPG Industries in a report on Wednesday. Credit Suisse Group AG reissued a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a report on Tuesday, August 9th. Jefferies Group reissued a “buy” rating and issued a $129.00 price target (up previously from $127.00) on shares of PPG Industries in a report on Monday, July 25th. Finally, 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. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. PPG Industries currently has a consensus rating of “Buy” and a consensus price target of $115.46.
Shares of PPG Industries (NYSE:PPG) traded up 0.20% on Thursday, hitting $92.12. The company’s stock had a trading volume of 2,603,365 shares. The company has a 50 day moving average of $102.02 and a 200 day moving average of $106.53. PPG Industries has a 1-year low of $88.37 and a 1-year high of $117.00. The firm has a market cap of $24.53 billion, a PE ratio of 17.02 and a beta of 1.47.
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PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting analysts’ consensus estimates 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 return on equity of 30.94% and a net margin of 9.57%. PPG Industries’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.67 earnings per share. Equities analysts forecast that PPG Industries will post $6.17 EPS for the current year.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction that occurred 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 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. 0.68% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Community Bank N.A. boosted its stake in PPG Industries by 1.5% in the third quarter. Community Bank N.A. now owns 2,654 shares of the company’s stock valued at $274,000 after buying an additional 40 shares in the last quarter. Highland Capital Management LLC boosted its stake in PPG Industries by 1.2% in the third quarter. Highland Capital Management LLC now owns 10,775 shares of the company’s stock valued at $1,114,000 after buying an additional 124 shares in the last quarter. MSI Financial Services Inc raised its position 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 last quarter. Prospera Financial Services Inc purchased a new position in shares of PPG Industries during the third quarter worth about $522,000. Finally, Nisa Investment Advisors LLC raised its position 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 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.
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