PPG Industries (PPG) Stock Rating Reaffirmed by JPMorgan Chase & Co.

PPG Industries (NYSE:PPG)‘s stock had its “neutral” rating reissued by analysts at JPMorgan Chase & Co. in a research report issued on Friday, Marketbeat Ratings reports. They currently have a $120.00 price target on the specialty chemicals company’s stock. JPMorgan Chase & Co.’s target price points to a potential upside of 1.32% from the stock’s current price.

Other analysts have also recently issued reports about the company. Atlantic Securities cut PPG Industries from an “overweight” rating to a “neutral” rating in a research report on Wednesday. Raymond James Financial began coverage on PPG Industries in a research report on Tuesday, December 19th. They issued an “outperform” rating and a $139.00 target price for the company. Robert W. Baird upped their target price on PPG Industries from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, October 20th. Wells Fargo & Co reissued a “market perform” rating and issued a $120.00 target price (up from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $115.00 target price on shares of PPG Industries in a research report on Wednesday. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. PPG Industries has a consensus rating of “Hold” and an average price target of $123.47.

Shares of PPG Industries (PPG) traded up $0.03 during midday trading on Friday, hitting $118.44. The company had a trading volume of 2,943,268 shares, compared to its average volume of 1,330,000. The firm has a market cap of $30,140.00, a PE ratio of 21.73, a PEG ratio of 2.08 and a beta of 1.60. 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 has a 1 year low of $97.87 and a 1 year high of $122.07.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.61 billion. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.19 EPS. research analysts forecast that PPG Industries will post 6.59 EPS for the current year.

PPG Industries announced that its board has authorized a share repurchase program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

A number of institutional investors have recently bought and sold shares of PPG. Franklin Resources Inc. lifted its position in PPG Industries by 1.3% during the 2nd quarter. Franklin Resources Inc. now owns 31,423 shares of the specialty chemicals company’s stock worth $3,456,000 after acquiring an additional 390 shares during the period. Mutual of America Capital Management LLC lifted its holdings in shares of PPG Industries by 1.1% in the 2nd quarter. Mutual of America Capital Management LLC now owns 31,240 shares of the specialty chemicals company’s stock valued at $3,435,000 after buying an additional 330 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in shares of PPG Industries by 7.2% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 779,654 shares of the specialty chemicals company’s stock valued at $85,731,000 after buying an additional 52,426 shares during the period. ETRADE Capital Management LLC lifted its holdings in shares of PPG Industries by 2.6% in the 2nd quarter. ETRADE Capital Management LLC now owns 8,545 shares of the specialty chemicals company’s stock valued at $940,000 after buying an additional 218 shares during the period. Finally, TIAA FSB acquired a new stake in shares of PPG Industries in the 2nd quarter valued at approximately $2,987,000. 75.01% of the stock is 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.

Analyst Recommendations for PPG Industries (NYSE:PPG)

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