PPG Industries (NYSE:PPG) Price Target Raised to $130.00

PPG Industries (NYSE:PPG) had its price target increased by analysts at Citigroup from $125.00 to $130.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price objective suggests a potential upside of 22.35% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of PPG Industries from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company increased their target price on shares of PPG Industries from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. UBS Group increased their price objective on shares of PPG Industries from $110.00 to $111.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 30th. Bank of America reissued a “neutral” rating and set a $126.00 price objective (down previously from $143.00) on shares of PPG Industries in a research report on Tuesday, April 15th. Finally, Royal Bank of Canada increased their price objective on shares of PPG Industries from $112.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Friday, May 2nd. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $129.83.

PPG Industries Stock Performance

NYSE PPG opened at $106.25 on Friday. The stock has a market cap of $24.12 billion, a P/E ratio of 22.46, a PEG ratio of 2.19 and a beta of 1.17. The company’s 50-day simple moving average is $107.69 and its 200 day simple moving average is $113.44. PPG Industries has a twelve month low of $90.24 and a twelve month high of $137.24. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.10. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.67 billion. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.87 earnings per share. As a group, research analysts forecast that PPG Industries will post 7.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Park Square Financial Group LLC bought a new position in shares of PPG Industries in the 4th quarter valued at about $26,000. Cheviot Value Management LLC bought a new stake in shares of PPG Industries during the 1st quarter worth about $26,000. CVA Family Office LLC boosted its holdings in shares of PPG Industries by 70.6% during the 1st quarter. CVA Family Office LLC now owns 273 shares of the specialty chemicals company’s stock worth $30,000 after buying an additional 113 shares during the period. Headlands Technologies LLC bought a new stake in shares of PPG Industries during the 1st quarter worth about $30,000. Finally, Prudent Man Investment Management Inc. bought a new stake in shares of PPG Industries during the 4th quarter worth about $36,000. Institutional investors own 81.86% of the company’s stock.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.