PPG Industries (PPG) Now Covered by Analysts at Raymond James Financial

Raymond James Financial initiated coverage on shares of PPG Industries (NYSE:PPG) in a research note issued on Tuesday, Marketbeat reports. The firm set an “outperform” rating and a $139.00 price target on the specialty chemicals company’s stock. Raymond James Financial’s price target would suggest a potential upside of 19.51% from the stock’s current price.

A number of other brokerages have also commented on PPG. Citigroup boosted their price target on PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a report on Monday, November 27th. Wells Fargo & Company restated a “market perform” rating and issued a $120.00 price target (up from $110.00) on shares of PPG Industries in a report on Tuesday, November 28th. They noted that the move was a valuation call. Robert W. Baird boosted their price target on PPG Industries from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, October 20th. Finally, Bank of America set a $120.00 target price on PPG Industries and gave the stock a “hold” rating in a report on Friday, October 20th. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $120.63.

Shares of PPG Industries (NYSE PPG) traded up $0.18 during trading on Tuesday, hitting $116.31. The stock had a trading volume of 1,182,600 shares, compared to its average volume of 1,443,435. The company has a market capitalization of $29,287.63, a price-to-earnings ratio of 19.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.59. PPG Industries has a 12 month low of $93.80 and a 12 month high of $119.85. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, meeting analysts’ consensus estimates of $1.52. The company had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.56 earnings per share. analysts expect that PPG Industries will post 5.89 earnings per share for the current fiscal year.

PPG Industries declared that its board has approved a stock repurchase plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Several institutional investors have recently bought and sold shares of PPG. Bessemer Group Inc. acquired a new stake in PPG Industries during the second quarter worth approximately $179,000. Global X Management Co. LLC grew its position in PPG Industries by 9.2% during the second quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock worth $142,000 after buying an additional 108 shares in the last quarter. Legal & General Group Plc grew its position in PPG Industries by 2.5% during the second quarter. Legal & General Group Plc now owns 1,330,052 shares of the specialty chemicals company’s stock worth $146,253,000 after buying an additional 31,975 shares in the last quarter. Ballentine Partners LLC acquired a new stake in PPG Industries during the second quarter worth approximately $222,000. Finally, State Board of Administration of Florida Retirement System grew its position in PPG Industries by 1.0% during the second quarter. State Board of Administration of Florida Retirement System now owns 382,182 shares of the specialty chemicals company’s stock worth $42,025,000 after buying an additional 3,786 shares in the last quarter. 75.00% of the stock is currently owned by institutional investors.

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About PPG Industries

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.