PPG Industries, Inc. (NYSE:PPG) Receives Average Recommendation of “Hold” from Analysts
Shares of PPG Industries, Inc. (NYSE:PPG) have been assigned a consensus rating of “Hold” from the nineteen ratings firms that are covering the firm, MarketBeat Ratings reports. Ten equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $115.42.
A number of equities analysts have recently commented on PPG shares. TheStreet raised shares of PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Thursday, July 6th. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and raised their target price for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. BidaskClub raised shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Credit Suisse Group set a $113.00 target price on shares of PPG Industries and gave the company a “buy” rating in a research note on Sunday.
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A number of hedge funds and other institutional investors have recently made changes to their positions in PPG. BlackRock Inc. raised its position in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after buying an additional 13,902,595 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock valued at $442,716,000 after buying an additional 3,643,443 shares in the last quarter. Nordea Investment Management AB raised its position in shares of PPG Industries by 15,312.6% in the first quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock valued at $189,909,000 after buying an additional 1,795,556 shares in the last quarter. OppenheimerFunds Inc. raised its position in shares of PPG Industries by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock valued at $266,046,000 after buying an additional 1,346,064 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of PPG Industries by 51.3% in the first quarter. Wells Fargo & Company MN now owns 2,420,642 shares of the specialty chemicals company’s stock valued at $254,360,000 after buying an additional 820,978 shares in the last quarter. 71.65% of the stock is owned by institutional investors.
Shares of PPG Industries (PPG) opened at 106.37 on Monday. The firm’s 50-day moving average price is $110.60 and its 200 day moving average price is $105.37. The firm has a market capitalization of $27.28 billion, a P/E ratio of 27.98 and a beta of 1.56. PPG Industries has a 12 month low of $89.64 and a 12 month high of $113.67.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 30.37%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter last year, the firm posted $1.73 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts anticipate that PPG Industries will post $6.16 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.69%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio (DPR) is presently 41.67%.
About PPG Industries
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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