PPG Industries (NYSE:PPG) PT Lowered to $165.00 at BMO Capital Markets

PPG Industries (NYSE:PPG) had its price objective reduced by BMO Capital Markets from $168.00 to $165.00 in a research note published on Tuesday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the specialty chemicals company’s stock.

Several other equities research analysts have also weighed in on the company. StockNews.com lowered PPG Industries from a buy rating to a hold rating in a research report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft cut their target price on PPG Industries from $160.00 to $155.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Evercore ISI lowered 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, April 22nd. UBS Group cut their target price on PPG Industries from $156.00 to $150.00 and set a neutral rating on the stock in a research report on Friday, April 19th. Finally, Redburn Atlantic lowered 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, PPG Industries currently has a consensus rating of Hold and an average target price of $155.47.

PPG Industries Stock Performance

Shares of PPG opened at $130.15 on Tuesday. The stock has a 50-day simple moving average of $139.31 and a 200-day simple moving average of $138.86. 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 stock has a market capitalization of $30.52 billion, a PE ratio of 21.98, a PEG ratio of 1.62 and a beta of 1.28. PPG Industries has a 1 year low of $120.32 and a 1 year high of $152.89.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data 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. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.82 EPS. On average, analysts predict that PPG Industries will post 8.45 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s payout ratio is currently 43.92%.

PPG Industries declared that its board has initiated a share buyback plan on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.55% of the company’s stock.

Institutional Trading of PPG Industries

A number of institutional investors have recently modified their holdings of the business. LifeSteps Financial Inc. purchased a new stake in shares of PPG Industries in the first quarter valued at approximately $29,000. YHB Investment Advisors Inc. purchased a new stake in shares of PPG Industries in the first quarter valued at approximately $29,000. SlateStone Wealth LLC boosted its stake in shares of PPG Industries by 54.9% in the first quarter. SlateStone Wealth LLC now owns 14,405 shares of the specialty chemicals company’s stock valued at $2,087,000 after buying an additional 5,105 shares in the last quarter. SYSTM Wealth Solutions LLC boosted its stake in shares of PPG Industries by 4.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 2,013 shares of the specialty chemicals company’s stock valued at $292,000 after buying an additional 82 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PPG Industries by 9.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 208,886 shares of the specialty chemicals company’s stock valued at $30,268,000 after buying an additional 18,836 shares in the last quarter. 81.86% 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, 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.