Deutsche Bank Cuts PPG Industries (PPG) Price Target to $116.00

PPG Industries (NYSE:PPG) had its price target dropped by research analysts at Deutsche Bank from $124.00 to $116.00 in a report released on Tuesday. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Deutsche Bank’s price objective would indicate a potential upside of 5.86% from the stock’s current price.

A number of other research firms have also recently commented on PPG. Credit Suisse Group reiterated a “neutral” rating and issued a $119.00 target price on shares of PPG Industries in a research note on Monday, September 24th. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. JPMorgan Chase & Co. cut shares of PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 target price for the company. in a research note on Friday, July 27th. They noted that the move was a valuation call. ValuEngine upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, Goldman Sachs Group upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 target price for the company in a research note on Wednesday, July 25th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $121.47.

PPG stock opened at $109.58 on Tuesday. The company has a market capitalization of $26.41 billion, a P/E ratio of 18.67, a P/E/G ratio of 2.11 and a beta of 1.50. The company has a quick ratio of 1.22, a current ratio of 1.70 and a debt-to-equity ratio of 1.01. PPG Industries has a 52 week low of $100.36 and a 52 week high of $122.07.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.02. The company had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.12 billion. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. PPG Industries’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the business earned $1.83 EPS. As a group, equities research analysts forecast that PPG Industries will post 6.2 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in PPG. Dimensional Fund Advisors LP lifted its stake in PPG Industries by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 690,397 shares of the specialty chemicals company’s stock valued at $77,048,000 after acquiring an additional 11,169 shares during the period. GSA Capital Partners LLP lifted its stake in PPG Industries by 80.5% during the 1st quarter. GSA Capital Partners LLP now owns 4,408 shares of the specialty chemicals company’s stock valued at $492,000 after acquiring an additional 1,966 shares during the period. Lord Abbett & CO. LLC lifted its stake in PPG Industries by 1.5% during the 1st quarter. Lord Abbett & CO. LLC now owns 240,846 shares of the specialty chemicals company’s stock valued at $26,878,000 after acquiring an additional 3,600 shares during the period. Crawford Investment Counsel Inc. acquired a new stake in PPG Industries during the 1st quarter valued at approximately $324,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of PPG Industries by 57.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 490,996 shares of the specialty chemicals company’s stock valued at $54,795,000 after purchasing an additional 178,581 shares in the last quarter. Institutional investors and hedge funds own 76.64% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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