PPG Industries (NYSE:PPG) Price Target Raised to $155.00 at Wells Fargo & Co

PPG Industries (NYSE:PPG) had its price objective hoisted by research analysts at Wells Fargo & Co from $140.00 to $155.00 in a note issued to investors on Wednesday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Co‘s price target points to a potential upside of 21.52% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. upgraded PPG Industries from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $108.00 to $120.00 in a report on Friday, October 18th. Robert W. Baird lifted their price objective on PPG Industries from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, December 5th. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 price objective on the stock. in a report on Wednesday, October 16th. Royal Bank of Canada set a $132.00 price objective on PPG Industries and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Goldman Sachs Group downgraded PPG Industries from a “conviction-buy” rating to a “buy” rating in a report on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $130.56.

Shares of NYSE:PPG traded up $0.14 during mid-day trading on Wednesday, hitting $127.55. 1,042,696 shares of the company traded hands, compared to its average volume of 1,854,362. The firm has a market cap of $30.72 billion, a P/E ratio of 21.55, a PEG ratio of 2.06 and a beta of 1.24. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.08 and a current ratio of 1.49. PPG Industries has a 52-week low of $100.90 and a 52-week high of $134.36. The firm’s 50 day simple moving average is $131.17 and its 200 day simple moving average is $121.68.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 16th. The specialty chemicals company reported $1.31 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.03). PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the business posted $1.15 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. Equities research analysts expect that PPG Industries will post 6.25 EPS for the current fiscal year.

In other news, CEO Michael H. Mcgarry sold 30,450 shares of PPG Industries stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $130.00, for a total value of $3,958,500.00. Following the completion of the transaction, the chief executive officer now owns 149,884 shares in the company, valued at approximately $19,484,920. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael H. Mcgarry sold 11,916 shares of PPG Industries stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $125.00, for a total value of $1,489,500.00. Following the completion of the transaction, the chief executive officer now owns 131,350 shares of the company’s stock, valued at approximately $16,418,750. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc boosted its position in PPG Industries by 0.4% during the 3rd quarter. CIBC Asset Management Inc now owns 21,807 shares of the specialty chemicals company’s stock worth $2,584,000 after acquiring an additional 88 shares during the period. OLD Dominion Capital Management Inc. boosted its position in PPG Industries by 0.9% during the 3rd quarter. OLD Dominion Capital Management Inc. now owns 10,631 shares of the specialty chemicals company’s stock worth $1,260,000 after acquiring an additional 90 shares during the period. FinTrust Capital Advisors LLC boosted its position in PPG Industries by 25.7% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 514 shares of the specialty chemicals company’s stock worth $61,000 after acquiring an additional 105 shares during the period. Domani Wealth LLC boosted its position in PPG Industries by 2.2% during the 3rd quarter. Domani Wealth LLC now owns 4,907 shares of the specialty chemicals company’s stock worth $582,000 after acquiring an additional 107 shares during the period. Finally, Vestmark Advisory Solutions Inc. boosted its position in PPG Industries by 1.0% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 11,420 shares of the specialty chemicals company’s stock worth $1,333,000 after acquiring an additional 117 shares during the period. Institutional investors and hedge funds own 77.09% 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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Analyst Recommendations for PPG Industries (NYSE:PPG)

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