PPG Industries (NYSE:PPG) Price Target Cut to $162.00

PPG Industries (NYSE:PPG) had its price target cut by investment analysts at KeyCorp from $164.00 to $162.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. KeyCorp’s target price would suggest a potential upside of 24.23% from the company’s previous close.

PPG has been the subject of several other reports. Royal Bank of Canada reduced their price objective on PPG Industries from $158.00 to $156.00 and set a “sector perform” rating for the company in a research note on Monday, January 22nd. Redburn Atlantic cut PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price objective for the company. in a research note on Thursday, February 1st. Wells Fargo & Company upgraded PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $150.00 to $163.00 in a research note on Thursday, April 11th. Wolfe Research initiated coverage on PPG Industries in a research note on Friday, March 1st. They issued a “peer perform” rating for the company. Finally, Citigroup reduced their price objective on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $155.50.

PPG Industries Trading Down 0.6 %

PPG Industries stock opened at $130.40 on Monday. The stock has a 50-day moving average of $140.00 and a two-hundred day moving average of $138.97. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.05 and a current ratio of 1.47. PPG Industries has a one year low of $120.32 and a one year high of $152.89. The stock has a market cap of $30.69 billion, a PE ratio of 22.03, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same period last year, the business posted $1.82 earnings per share. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, research analysts anticipate that PPG Industries will post 8.46 EPS for the current fiscal year.

PPG Industries announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 18th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the firm’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 sale, 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 filing with the SEC, which can be accessed through the SEC website. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of PPG Industries

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

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.