PPG Industries (NYSE:PPG) had its target price cut by Citigroup from $128.00 to $125.00 in a report issued on Wednesday. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Citigroup’s price objective indicates a potential upside of 6.61% from the stock’s current price.
Several other analysts also recently issued reports on PPG. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $120.00 price target on shares of PPG Industries in a report on Friday, January 19th. Wells Fargo & Co reissued a “market perform” rating and set a $120.00 price objective (up previously from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Bank of America set a $120.00 price objective on shares of PPG Industries and gave the company a “hold” rating in a research note on Friday, October 20th. Northcoast Research reissued a “buy” rating and set a $128.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Finally, Atlantic Securities lowered shares of PPG Industries from an “overweight” rating to a “neutral” rating in a research report on Wednesday, January 17th. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $123.35.
PPG Industries (NYSE:PPG) traded up $0.47 during midday trading on Wednesday, reaching $117.25. 1,731,700 shares of the company’s stock were exchanged, compared to its average volume of 1,785,660. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $29,840.00, a price-to-earnings ratio of 21.51, a PEG ratio of 2.06 and a beta of 1.60. PPG Industries has a one year low of $99.00 and a one year high of $122.07.
PPG Industries declared that its board has approved a share buyback plan 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 purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cerebellum GP LLC acquired a new stake in shares of PPG Industries in the 4th quarter worth about $128,000. Bristlecone Advisors LLC acquired a new position in shares of PPG Industries in the third quarter worth about $179,000. Checchi Capital Advisers LLC acquired a new position in shares of PPG Industries in the third quarter worth about $200,000. V Wealth Management LLC acquired a new position in shares of PPG Industries in the fourth quarter worth about $204,000. Finally, Sun Life Financial INC boosted its holdings in shares of PPG Industries by 12,386.7% during the second quarter. Sun Life Financial INC now owns 1,873 shares of the specialty chemicals company’s stock worth $206,000 after purchasing an additional 1,858 shares during the period. Hedge funds and other institutional investors own 75.03% of the company’s stock.
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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.
