Jefferies Group LLC Reaffirms Buy Rating for PPG Industries, Inc. (PPG)
PPG Industries, Inc. (NYSE:PPG)‘s stock had its “buy” rating reiterated by equities research analysts at Jefferies Group LLC in a research note issued on Thursday. They presently have a $120.00 price target on the specialty chemicals company’s stock. Jefferies Group LLC’s price target points to a potential upside of 1.90% from the company’s current price.
Several other research firms also recently issued reports on PPG. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group reiterated an “outperform” rating and set a $114.00 price objective (up from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Finally, Citigroup Inc. boosted their price objective on shares of PPG Industries from $112.00 to $114.00 and gave the stock a “buy” rating in a research note on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $118.43.
PPG Industries (NYSE PPG) traded up 3.02% during midday trading on Thursday, reaching $117.76. 2,265,914 shares of the company’s stock were exchanged. The firm has a market capitalization of $30.20 billion, a P/E ratio of 30.98 and a beta of 1.55. The stock’s 50 day moving average is $109.49 and its 200 day moving average is $107.98. PPG Industries has a 52 week low of $89.64 and a 52 week high of $117.80.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 28.77%. The company had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same period in the previous year, the firm earned $1.56 earnings per share. PPG Industries’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, analysts expect that PPG Industries will post $5.97 EPS for the current fiscal year.
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In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the company’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the sale, the insider now directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of the company’s stock in a transaction 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 directly owns 52,748 shares in the company, valued at $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. APG Asset Management N.V. raised its holdings in PPG Industries by 6.2% in the third quarter. APG Asset Management N.V. now owns 521,238 shares of the specialty chemicals company’s stock valued at $56,638,000 after acquiring an additional 30,540 shares in the last quarter. Boyd Watterson Asset Management LLC OH raised its holdings in PPG Industries by 17.8% in the third quarter. Boyd Watterson Asset Management LLC OH now owns 6,129 shares of the specialty chemicals company’s stock valued at $666,000 after acquiring an additional 924 shares in the last quarter. LS Investment Advisors LLC raised its holdings in PPG Industries by 3.4% in the third quarter. LS Investment Advisors LLC now owns 23,972 shares of the specialty chemicals company’s stock valued at $2,605,000 after acquiring an additional 784 shares in the last quarter. Oakbrook Investments LLC acquired a new stake in PPG Industries in the third quarter valued at $2,602,000. Finally, Skylands Capital LLC raised its holdings in PPG Industries by 14.4% in the third quarter. Skylands Capital LLC now owns 17,500 shares of the specialty chemicals company’s stock valued at $1,902,000 after acquiring an additional 2,200 shares in the last quarter. 73.93% of the stock is currently 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 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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