PPG Industries, Inc. (PPG) Receives Average Rating of “Hold” from Analysts
PPG Industries, Inc. (NYSE:PPG) has received an average recommendation of “Hold” from the nineteen analysts that are presently covering the firm, Marketbeat.com reports. Ten analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $121.56.
PPG has been the topic of several research analyst reports. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Wednesday, December 20th. Credit Suisse Group set a $119.00 price objective on PPG Industries and gave the company a “buy” rating in a report on Friday, October 20th. Jefferies Group reiterated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Thursday, October 19th. Bank of America set a $120.00 price objective on PPG Industries and gave the company a “hold” rating in a report on Friday, October 20th. Finally, Citigroup boosted their price objective on PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th.
A number of hedge funds and other institutional investors have recently modified their holdings of PPG. Capital Research Global Investors purchased a new position in shares of PPG Industries in the 2nd quarter valued at about $192,226,000. American Century Companies Inc. increased its holdings in shares of PPG Industries by 408.2% in the 3rd quarter. American Century Companies Inc. now owns 1,878,315 shares of the specialty chemicals company’s stock valued at $204,098,000 after acquiring an additional 1,508,715 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of PPG Industries by 52.6% in the 2nd quarter. Nordea Investment Management AB now owns 2,758,249 shares of the specialty chemicals company’s stock valued at $303,297,000 after acquiring an additional 950,967 shares during the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in shares of PPG Industries in the 3rd quarter valued at about $63,331,000. Finally, Wells Fargo & Company MN increased its holdings in shares of PPG Industries by 18.8% in the 3rd quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after acquiring an additional 509,356 shares during the last quarter. Institutional investors own 74.99% of the company’s stock.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.52. The firm had revenue of $3.78 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $1.56 EPS. research analysts forecast that PPG Industries will post 5.88 earnings per share for the current fiscal year.
PPG Industries announced that its Board of Directors has authorized a stock buyback program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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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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