Argus upgraded shares of PPG Industries, Inc. (NYSE:PPG) from a hold rating to a buy rating in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has $136.00 target price on the specialty chemicals company’s stock, up from their previous target price of $110.61.
A number of other equities analysts have also commented on the company. Wells Fargo & Company lowered PPG Industries from an outperform rating to a market perform rating in a research note on Thursday, March 9th. Deutsche Bank AG restated a hold rating and set a $110.00 price target (up from $102.00) on shares of PPG Industries in a research note on Sunday, April 23rd. Citigroup Inc. restated a market perform rating on shares of PPG Industries in a research note on Friday, April 14th. Jefferies Group LLC restated a buy rating and set a $120.00 price target (up from $113.00) on shares of PPG Industries in a research note on Tuesday, April 18th. Finally, Barclays PLC boosted their price target on PPG Industries from $110.00 to $115.00 and gave the company an equal weight rating in a research note on Monday, April 24th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $114.92.
Shares of PPG Industries (PPG) traded up 0.24% on Wednesday, reaching $111.27. The company had a trading volume of 623,813 shares. The company has a 50-day moving average price of $108.81 and a 200-day moving average price of $103.81. PPG Industries has a 52-week low of $89.64 and a 52-week high of $113.49. The firm has a market capitalization of $28.51 billion, a PE ratio of 34.07 and a beta of 1.56.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, April 20th. The specialty chemicals company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.03. The business had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.53 billion. PPG Industries had a return on equity of 30.40% and a net margin of 5.79%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the company posted $1.31 earnings per share. Equities research analysts forecast that PPG Industries will post $6.24 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Wednesday, May 10th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date was Monday, May 8th. PPG Industries’s payout ratio is 48.93%.
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of PPG Industries by 2.9% in the first quarter. Vanguard Group Inc. now owns 19,441,146 shares of the specialty chemicals company’s stock valued at $2,042,875,000 after buying an additional 541,039 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of PPG Industries by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock valued at $1,948,708,000 after buying an additional 216,278 shares during the last quarter. BlackRock Inc. increased its position in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after buying an additional 13,902,595 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of PPG Industries by 4.7% in the first quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock valued at $524,545,000 after buying an additional 222,376 shares during the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock valued at $442,716,000 after buying an additional 3,643,443 shares during the last quarter. 71.83% of the stock is currently owned by institutional investors.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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