PPG Industries (NYSE:PPG) Price Target Cut to $145.00 by Analysts at Citigroup

PPG Industries (NYSE:PPG) had its price objective reduced by Citigroup from $150.00 to $145.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the specialty chemicals company’s stock.

A number of other brokerages have also weighed in on PPG. JPMorgan Chase & Co. decreased their price objective on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a report on Friday, October 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of PPG Industries in a research report on Monday, October 21st. StockNews.com raised PPG Industries from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 12th. Mizuho cut their price objective on PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, Royal Bank of Canada lowered their target price on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, PPG Industries has a consensus rating of “Moderate Buy” and an average target price of $149.29.

PPG Industries Stock Down 0.7 %

PPG stock opened at $121.25 on Wednesday. The company has a market capitalization of $28.13 billion, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58. The business’s 50 day moving average price is $125.30 and its two-hundred day moving average price is $126.37. PPG Industries has a fifty-two week low of $118.07 and a fifty-two week high of $150.82.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the business earned $2.07 earnings per share. The company’s revenue was down 1.5% on a year-over-year basis. As a group, analysts forecast that PPG Industries will post 8.18 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Tuesday, November 12th. PPG Industries’s dividend payout ratio is 43.11%.

Insider Activity

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the transaction, the vice president now owns 13,454 shares in the company, valued at $1,692,513.20. The trade was a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

A number of large investors have recently bought and sold shares of PPG. Vest Financial LLC boosted its holdings in shares of PPG Industries by 28.9% in the second quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company’s stock valued at $42,516,000 after purchasing an additional 75,620 shares during the period. Equity Investment Corp grew its position in shares of PPG Industries by 7.0% during the 3rd quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock worth $86,006,000 after buying an additional 42,380 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of PPG Industries during the third quarter valued at $604,000. Charles Schwab Investment Management Inc. raised its holdings in shares of PPG Industries by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock valued at $340,654,000 after acquiring an additional 15,161 shares in the last quarter. Finally, Intech Investment Management LLC lifted its stake in PPG Industries by 139.7% in the third quarter. Intech Investment Management LLC now owns 128,663 shares of the specialty chemicals company’s stock worth $17,043,000 after acquiring an additional 74,984 shares during the period. Hedge funds and other institutional investors own 81.86% of the company’s stock.

PPG Industries Company Profile

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.