Citigroup Cuts PPG Industries (NYSE:PPG) Price Target to $145.00

PPG Industries (NYSE:PPG) had its price target reduced by Citigroup from $150.00 to $145.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the specialty chemicals company’s stock.

Several other brokerages have also issued reports on PPG. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price target (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. StockNews.com upgraded shares of PPG Industries from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 12th. JPMorgan Chase & Co. lowered their target price on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. Mizuho cut their price target on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, Royal Bank of Canada decreased their price target on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a report on Tuesday, October 22nd. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, PPG Industries presently has an average rating of “Moderate Buy” and an average target price of $149.29.

PPG Industries Stock Down 0.7 %

NYSE:PPG opened at $121.25 on Wednesday. The company’s 50-day simple moving average is $125.30 and its 200-day simple moving average is $126.37. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58. PPG Industries has a fifty-two week low of $118.07 and a fifty-two week high of $150.82. The stock has a market capitalization of $28.13 billion, a P/E ratio of 19.22, a P/E/G ratio of 1.90 and a beta of 1.24.

PPG Industries (NYSE:PPG) last announced its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing the consensus estimate of $2.15 by ($0.02). The firm had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. PPG Industries’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business earned $2.07 earnings per share. On average, equities analysts anticipate that PPG Industries will post 8.18 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, November 12th were issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is presently 43.11%.

Insider Activity

In related news, VP Anne M. Foulkes sold 1,985 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the sale, the vice president now directly owns 13,454 shares in the company, valued at approximately $1,692,513.20. The trade was a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Several hedge funds and other institutional investors have recently modified their holdings of PPG. Financial Connections Group Inc. acquired a new stake in PPG Industries in the 2nd quarter valued at about $25,000. Pin Oak Investment Advisors Inc. raised its holdings in shares of PPG Industries by 465.1% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 200 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of PPG Industries during the 3rd quarter valued at about $34,000. Rothschild Investment LLC purchased a new stake in shares of PPG Industries in the second quarter valued at about $37,000. Finally, Hara Capital LLC acquired a new stake in PPG Industries during the third quarter worth about $40,000. 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.