PPG Industries, Inc. (PPG) Rating Reiterated by Jefferies Group LLC
PPG Industries, Inc. (NYSE:PPG)‘s stock had its “buy” rating reissued by equities research analysts at Jefferies Group LLC in a note issued to investors on Friday. They presently have a $120.00 price objective on the specialty chemicals company’s stock. Jefferies Group LLC’s price target suggests a potential upside of 12.89% from the company’s previous close.
A number of other analysts have also issued reports on PPG. Royal Bank Of Canada reiterated a “hold” rating and set a $109.00 price objective on shares of PPG Industries in a research note on Wednesday, August 9th. BidaskClub lowered PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. KeyCorp reiterated a “buy” rating and set a $125.00 price objective on shares of PPG Industries in a research note on Friday, August 25th. SunTrust Banks, Inc. lowered PPG Industries from a “buy” rating to a “hold” rating and decreased their price objective for the company from $120.00 to $113.00 in a research note on Monday, July 24th. Finally, Credit Suisse Group set a $113.00 price objective on PPG Industries and gave the company a “buy” rating in a research note on Sunday, July 23rd. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $115.19.
PPG Industries (PPG) traded down 0.17% on Friday, reaching $106.30. The company had a trading volume of 1,856,416 shares. The company’s 50-day moving average price is $104.13 and its 200 day moving average price is $106.63. The firm has a market capitalization of $27.26 billion, a P/E ratio of 27.97 and a beta of 1.55. PPG Industries has a 1-year low of $89.64 and a 1-year high of $113.67.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period in the previous year, the company posted $1.73 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts forecast that PPG Industries will post $6.10 EPS for the current year.
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In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the completion of the sale, the insider now directly owns 15,545 shares in the company, valued at approximately $1,593,207.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $100.80, for a total value of $1,997,049.60. Following the sale, the vice president now owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
A number of hedge funds have recently modified their holdings of PPG. Lenox Wealth Advisors boosted its holdings in PPG Industries by 5.9% during the 4th quarter. Lenox Wealth Advisors now owns 985 shares of the specialty chemicals company’s stock valued at $97,000 after acquiring an additional 55 shares during the period. Harbour Capital Advisors LLC boosted its holdings in PPG Industries by 10,896.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after acquiring an additional 10,896 shares during the period. Cable Hill Partners LLC boosted its holdings in PPG Industries by 8.5% during the 1st quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock valued at $103,000 after acquiring an additional 77 shares during the period. Bruderman Asset Management LLC purchased a new stake in PPG Industries during the 2nd quarter valued at about $105,000. Finally, Cornerstone Advisors Inc. boosted its holdings in PPG Industries by 1,076.4% during the 3rd quarter. Cornerstone Advisors Inc. now owns 1,047 shares of the specialty chemicals company’s stock valued at $108,000 after acquiring an additional 958 shares during the period. Institutional investors own 74.17% of the company’s stock.
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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