PPG Industries (NYSE:PPG) Price Target Cut to $141.00

PPG Industries (NYSE:PPG) had its price target decreased by Royal Bank of Canada from $156.00 to $141.00 in a research note released on Monday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the specialty chemicals company’s stock.

Other analysts have also issued research reports about the stock. Bank of America dropped their target price on shares of PPG Industries from $167.00 to $164.00 and set a buy rating on the stock in a research report on Monday. Evercore ISI lowered shares of PPG Industries from an outperform rating to an in-line rating and set a $152.00 target price on the stock. in a research report on Monday. Redburn Atlantic lowered shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 target price on the stock. in a research report on Thursday, February 1st. Citigroup lowered their price target on shares of PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a research report on Wednesday, April 10th. Finally, Wolfe Research assumed coverage on shares of PPG Industries in a research report on Friday, March 1st. They set a peer perform rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $155.47.

PPG Industries Stock Down 1.0 %

PPG stock opened at $129.23 on Monday. The firm has a market cap of $30.30 billion, a PE ratio of 21.83, a P/E/G ratio of 1.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.55. The firm’s fifty day moving average is $139.54 and its 200 day moving average is $138.85. PPG Industries has a one year low of $120.32 and a one year high of $152.89.

PPG Industries (NYSE:PPG) last announced its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same quarter last year, the business earned $1.82 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, research analysts forecast that PPG Industries will post 8.45 EPS for the current year.

PPG Industries declared that its Board of Directors has approved a share repurchase program on Thursday, April 18th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to purchase up to 8.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

Insiders Place Their Bets

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by insiders.

Institutional Investors Weigh In On PPG Industries

Institutional investors and hedge funds have recently made changes to their positions in the stock. Valued Wealth Advisors LLC purchased a new stake in shares of PPG Industries in the 4th quarter valued at approximately $26,000. Private Wealth Management Group LLC purchased a new stake in shares of PPG Industries in the 4th quarter valued at approximately $27,000. SJS Investment Consulting Inc. raised its stake in shares of PPG Industries by 588.5% in the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock valued at $27,000 after acquiring an additional 153 shares during the period. CVA Family Office LLC purchased a new stake in shares of PPG Industries in the 4th quarter valued at approximately $28,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of PPG Industries in the 4th quarter valued at approximately $29,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

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.