PPG Industries (NYSE:PPG) Price Target Cut to $138.00 by Analysts at Royal Bank of Canada

PPG Industries (NYSE:PPG) had its target price trimmed by Royal Bank of Canada from $141.00 to $138.00 in a research note published on Wednesday, BenzingaRatingsTable reports. The brokerage currently has an outperform rating on the specialty chemicals company’s stock.

Several other brokerages have also weighed in on PPG. JPMorgan Chase & Co. raised shares of PPG Industries from an underweight rating to a neutral rating and increased their target price for the stock from $108.00 to $120.00 in a research note on Friday, October 18th. Morgan Stanley reissued an equal weight rating and issued a $130.00 price objective on shares of PPG Industries in a research note on Friday, November 1st. Zacks Investment Research lowered shares of PPG Industries from a hold rating to a sell rating and set a $124.00 price objective for the company. in a research note on Wednesday, October 16th. Goldman Sachs Group lowered shares of PPG Industries from a conviction-buy rating to a buy rating in a research note on Monday, November 18th. Finally, Deutsche Bank raised their price objective on shares of PPG Industries from $135.00 to $148.00 and gave the company a buy rating in a research note on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $131.28.

PPG stock traded up $0.27 during mid-day trading on Wednesday, hitting $126.16. 1,401,800 shares of the company were exchanged, compared to its average volume of 1,912,130. The company has a quick ratio of 1.02, a current ratio of 1.41 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $29.77 billion, a P/E ratio of 24.23, a PEG ratio of 2.28 and a beta of 1.24. The business has a fifty day simple moving average of $131.09 and a 200-day simple moving average of $121.99. PPG Industries has a 12-month low of $101.36 and a 12-month high of $134.36.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 16th. The specialty chemicals company reported $1.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.34 by ($0.03). The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.67 billion. PPG Industries had a return on equity of 28.55% and a net margin of 8.21%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the business earned $1.15 EPS. Research analysts predict that PPG Industries will post 6.61 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Tuesday, January 21st will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, February 20th. PPG Industries’s payout ratio is 32.80%.

In related news, CEO Michael H. Mcgarry sold 30,450 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $130.00, for a total value of $3,958,500.00. Following the sale, the chief executive officer now owns 149,884 shares of the company’s stock, valued at $19,484,920. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.37% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the stock. Brinker Capital Inc. raised its holdings in PPG Industries by 7.9% during the third quarter. Brinker Capital Inc. now owns 22,729 shares of the specialty chemicals company’s stock worth $2,694,000 after purchasing an additional 1,657 shares in the last quarter. Vestmark Advisory Solutions Inc. raised its holdings in PPG Industries by 1.0% during the second quarter. Vestmark Advisory Solutions Inc. now owns 11,420 shares of the specialty chemicals company’s stock worth $1,333,000 after purchasing an additional 117 shares in the last quarter. Evoke Wealth LLC acquired a new stake in PPG Industries during the third quarter worth approximately $94,000. Public Employees Retirement System of Ohio raised its holdings in PPG Industries by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 145,238 shares of the specialty chemicals company’s stock worth $17,212,000 after purchasing an additional 797 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in PPG Industries by 2.3% during the third quarter. Voya Investment Management LLC now owns 92,421 shares of the specialty chemicals company’s stock worth $10,953,000 after purchasing an additional 2,080 shares in the last quarter. 77.07% of the stock is currently owned by hedge funds and other institutional investors.

About PPG Industries

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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