PPG Industries (NYSE:PPG) Price Target Cut to $148.00 by Analysts at Barclays

PPG Industries (NYSE:PPG) had its price target reduced by Barclays from $149.00 to $148.00 in a research report report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the specialty chemicals company’s stock.

Other equities research analysts have also recently issued research reports about the company. Bank of America lowered their price target on PPG Industries from $167.00 to $164.00 and set a buy rating for the company in a research note on Monday. Royal Bank of Canada lowered their price target 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. Wells Fargo & Company raised PPG Industries from an equal weight rating to an overweight rating and boosted their price target for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Deutsche Bank Aktiengesellschaft lowered their price target on PPG Industries from $160.00 to $155.00 and set a buy rating for the company in a research note on Monday. Finally, Wolfe Research assumed coverage on PPG Industries in a research note on Friday, March 1st. They issued a peer perform rating for the company. One 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’s stock. According to MarketBeat.com, PPG Industries has a consensus rating of Hold and an average price target of $155.47.

PPG Industries Trading Up 0.1 %

NYSE:PPG opened at $130.52 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.05. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The stock’s 50-day moving average is $139.81 and its two-hundred day moving average is $138.91. The stock has a market cap of $30.61 billion, a PE ratio of 22.05, a price-to-earnings-growth ratio of 1.57 and a beta of 1.28.

PPG Industries (NYSE:PPG) last released its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting the consensus estimate of $1.86. The company had revenue of $4.31 billion for 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 revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.82 EPS. As a group, equities research analysts forecast that PPG Industries will post 8.47 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.99%. PPG Industries’s dividend payout ratio (DPR) is presently 43.92%.

PPG Industries declared that its Board of Directors has approved a share repurchase plan on Thursday, April 18th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at $4,008,192.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. J.W. Cole Advisors Inc. grew its position in PPG Industries by 6.7% in the fourth quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company’s stock valued at $1,646,000 after acquiring an additional 690 shares during the period. FMR LLC grew its position in PPG Industries by 11.0% in the third quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company’s stock valued at $46,512,000 after acquiring an additional 35,571 shares during the period. Cerity Partners LLC grew its position in PPG Industries by 137.5% in the fourth quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company’s stock valued at $5,224,000 after acquiring an additional 20,226 shares during the period. Nomura Holdings Inc. grew its position in PPG Industries by 2.3% in the third quarter. Nomura Holdings Inc. now owns 8,479 shares of the specialty chemicals company’s stock valued at $1,101,000 after acquiring an additional 192 shares during the period. Finally, Financial Counselors Inc. grew its position in PPG Industries by 6.4% in the third quarter. Financial Counselors Inc. now owns 1,883 shares of the specialty chemicals company’s stock valued at $244,000 after acquiring an additional 114 shares during the period. 81.86% of the stock is currently 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.