Wells Fargo & Company Issues Pessimistic Forecast for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG) had its target price reduced by investment analysts at Wells Fargo & Company from $130.00 to $115.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 12.28% from the company’s previous close.

Several other brokerages also recently weighed in on PPG. KeyCorp downgraded PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft cut their target price on PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Argus cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, March 10th. Mizuho cut their price objective on PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Finally, StockNews.com downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, February 3rd. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $134.15.

PPG Industries Stock Performance

Shares of PPG Industries stock traded up $10.77 during trading hours on Wednesday, reaching $102.43. The company’s stock had a trading volume of 2,828,673 shares, compared to its average volume of 1,785,186. The stock has a market cap of $23.25 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 2.19 and a beta of 1.16. PPG Industries has a one year low of $89.84 and a one year high of $142.30. The company’s 50 day simple moving average is $111.94 and its 200 day simple moving average is $119.76. 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 (NYSE:PPG) last announced its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. As a group, analysts expect that PPG Industries will post 7.95 EPS for the current fiscal year.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $118.35, for a total value of $568,080.00. Following the sale, the chief executive officer now owns 35,833 shares of the company’s stock, valued at approximately $4,240,835.55. This represents a 11.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of PPG Industries

Several hedge funds have recently modified their holdings of PPG. Park Square Financial Group LLC acquired a new stake in PPG Industries during the 4th quarter valued at $26,000. Legend Financial Advisors Inc. acquired a new stake in shares of PPG Industries in the fourth quarter valued at $27,000. Prudent Man Investment Management Inc. bought a new position in shares of PPG Industries in the fourth quarter valued at about $36,000. Albion Financial Group UT acquired a new position in PPG Industries during the 4th quarter worth about $38,000. Finally, Crews Bank & Trust acquired a new stake in PPG Industries in the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 81.86% of the company’s stock.

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.