PPG Industries, Inc. (NYSE:PPG) Earns Outperform Rating from Credit Suisse Group
PPG Industries, Inc. (NYSE:PPG)‘s stock had its “outperform” rating reiterated by research analysts at Credit Suisse Group in a report issued on Monday, The Fly reports. They presently have a $114.00 price target on the specialty chemicals company’s stock, up from their prior price target of $109.00. Credit Suisse Group’s price objective points to a potential upside of 1.06% from the company’s current price. The analysts noted that the move was a valuation call.
PPG has been the subject of several other research reports. Citigroup Inc. reissued a “market perform” rating on shares of PPG Industries in a report on Friday, April 14th. Argus raised PPG Industries from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. Jefferies Group LLC reissued a “buy” rating and set a $120.00 price target on shares of PPG Industries in a report on Friday, May 26th. Deutsche Bank AG reissued a “hold” rating and set a $110.00 price target (up previously from $102.00) on shares of PPG Industries in a report on Sunday, April 23rd. Finally, Barclays PLC boosted their price target on PPG Industries from $110.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, April 24th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $114.85.
PPG Industries (NYSE:PPG) opened at 112.80 on Monday. PPG Industries has a 1-year low of $89.64 and a 1-year high of $113.49. The company has a market cap of $28.90 billion, a P/E ratio of 34.54 and a beta of 1.56. The stock’s 50 day moving average price is $108.81 and its 200 day moving average price is $103.81.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, April 20th. The specialty chemicals company reported $1.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.03. PPG Industries had a return on equity of 30.40% and a net margin of 5.79%. The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the previous year, the company posted $1.31 earnings per share. PPG Industries’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts anticipate that PPG Industries will post $6.18 earnings per share for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the company. Boyd Watterson Asset Management LLC OH raised its position in PPG Industries by 1.1% in the second quarter. Boyd Watterson Asset Management LLC OH now owns 5,205 shares of the specialty chemicals company’s stock worth $572,000 after buying an additional 59 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in PPG Industries by 505.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 42,639 shares of the specialty chemicals company’s stock worth $4,689,000 after buying an additional 35,599 shares during the period. Liberty Capital Management Inc. raised its position in PPG Industries by 15.1% in the second quarter. Liberty Capital Management Inc. now owns 3,994 shares of the specialty chemicals company’s stock worth $443,000 after buying an additional 523 shares during the period. National Pension Service raised its position in PPG Industries by 10.2% in the second quarter. National Pension Service now owns 235,377 shares of the specialty chemicals company’s stock worth $25,809,000 after buying an additional 21,796 shares during the period. Finally, State of Alaska Department of Revenue acquired a new position in PPG Industries during the second quarter worth $113,000. 71.55% of the stock is owned by hedge funds and other institutional investors.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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