Credit Suisse Group Reiterates $119.00 Price Target for PPG Industries, Inc. (PPG)
PPG Industries, Inc. (NYSE:PPG) received a $119.00 price objective from equities researchers at Credit Suisse Group in a report issued on Friday. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Credit Suisse Group’s price objective would suggest a potential upside of 1.05% from the company’s current price.
Several other analysts have also commented on the stock. Jefferies Group LLC restated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Thursday. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a report on Tuesday. Citigroup Inc. raised their price objective on shares of PPG Industries from $112.00 to $114.00 and gave the stock a “buy” rating in a report on Monday, October 2nd. Royal Bank Of Canada restated a “hold” rating and issued a $109.00 price objective on shares of PPG Industries in a report on Wednesday, September 13th. Finally, Robert W. Baird restated a “buy” rating and issued a $115.00 price objective on shares of PPG Industries in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $117.40.
Shares of PPG Industries (NYSE PPG) traded up 3.02% during mid-day trading on Friday, reaching $117.76. The company had a trading volume of 2,265,914 shares. The company has a market capitalization of $30.20 billion, a P/E ratio of 30.98 and a beta of 1.55. The firm has a 50-day moving average of $109.49 and a 200-day moving average of $107.98. PPG Industries has a 12-month low of $89.64 and a 12-month high of $117.80.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.52. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business had revenue of $3.78 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the business posted $1.56 earnings per share. PPG Industries’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities analysts anticipate that PPG Industries will post $5.97 earnings per share for the current fiscal year.
In related news, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the completion of the sale, the vice president now owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the sale, the insider now directly owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the business. Harbour Capital Advisors LLC grew its position in PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after purchasing an additional 10,896 shares during the period. Bruderman Asset Management LLC bought a new stake in PPG Industries in the 2nd quarter worth approximately $105,000. V Wealth Management LLC bought a new stake in PPG Industries in the 2nd quarter worth approximately $112,000. State of Alaska Department of Revenue bought a new stake in PPG Industries in the 2nd quarter worth approximately $113,000. Finally, Global X Management Co. LLC grew its position in PPG Industries by 26.7% in the 1st quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares during the period. 73.93% of the stock is owned by institutional investors and hedge funds.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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