PPG Industries, Inc. (PPG) Price Target Raised to $127.00
PPG Industries, Inc. (NYSE:PPG) had its price target lifted by investment analysts at Citigroup Inc. from $114.00 to $127.00 in a research report issued on Wednesday. The brokerage currently has a “neutral” rating on the specialty chemicals company’s stock. Citigroup Inc.’s target price points to a potential upside of 7.88% from the stock’s current price.
PPG has been the topic of a number of other research reports. Bank of America Corporation downgraded shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research report on Monday, July 24th. Credit Suisse Group set a $119.00 target price on shares of PPG Industries and gave the company a “buy” rating in a research report on Friday, October 20th. Robert W. Baird reiterated a “buy” rating and set a $115.00 target price on shares of PPG Industries in a research report on Friday, September 1st. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Jefferies Group LLC restated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. PPG Industries presently has an average rating of “Hold” and an average target price of $119.36.
Shares of PPG Industries (PPG) traded up 0.24% during midday trading on Wednesday, hitting $117.72. 1,457,802 shares of the company were exchanged. PPG Industries has a one year low of $90.88 and a one year high of $118.72. The firm’s 50 day moving average price is $110.05 and its 200 day moving average price is $108.19. The firm has a market capitalization of $30.19 billion, a price-to-earnings ratio of 30.97 and a beta of 1.55.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The company had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the previous year, the company earned $1.56 EPS. PPG Industries’s quarterly revenue was up 3.2% compared to the same quarter last year. Analysts forecast that PPG Industries will post $5.93 EPS for the current fiscal year.
In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 15,545 shares in the company, valued at $1,593,207.05. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 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 approximately $5,316,998.40. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Polaris Greystone Financial Group LLC bought a new position in PPG Industries during the second quarter valued at about $1,518,000. AXA grew its position in PPG Industries by 47.4% during the second quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock valued at $91,122,000 after buying an additional 266,457 shares during the period. Great Lakes Advisors LLC grew its position in PPG Industries by 214.1% during the second quarter. Great Lakes Advisors LLC now owns 6,662 shares of the specialty chemicals company’s stock valued at $733,000 after buying an additional 4,541 shares during the period. BlackRock Inc. grew its position in PPG Industries by 2,006.8% during 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 during the period. Finally, Massachusetts Financial Services Co. MA grew its position in PPG Industries by 1.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock valued at $1,948,708,000 after buying an additional 216,278 shares during the period. Institutional investors own 73.96% 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 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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