Citigroup Issues Pessimistic Forecast for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG) had its target price reduced by stock analysts at Citigroup from $135.00 to $113.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price target indicates a potential upside of 9.32% from the stock’s current price.

PPG has been the topic of several other reports. Wells Fargo & Company dropped their price target on PPG Industries from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. JPMorgan Chase & Co. lowered PPG Industries from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $145.00 to $115.00 in a research report on Wednesday, February 12th. StockNews.com lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, February 3rd. UBS Group dropped their price target on PPG Industries from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Friday, January 31st. Finally, KeyCorp lowered PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 16th. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $134.15.

PPG Industries Price Performance

PPG opened at $103.37 on Tuesday. The stock’s 50 day simple moving average is $111.31 and its 200 day simple moving average is $119.48. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. PPG Industries has a 1 year low of $90.24 and a 1 year high of $139.73. The firm has a market cap of $23.46 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG) last posted 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 predict that PPG Industries will post 7.95 earnings per share for the current year.

Insider Activity

In related news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $118.35, for a total value of $568,080.00. Following the sale, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,240,835.55. The trade was a 11.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

Institutional investors have recently bought and sold shares of the company. PUREfi Wealth LLC acquired a new stake in PPG Industries in the 4th quarter worth about $279,000. PFW Advisors LLC acquired a new position in shares of PPG Industries during the 4th quarter worth approximately $868,000. JGP Wealth Management LLC acquired a new position in shares of PPG Industries during the 4th quarter worth approximately $4,050,000. Vanguard Group Inc. boosted its holdings in shares of PPG Industries by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company’s stock worth $3,508,210,000 after purchasing an additional 756,937 shares during the last quarter. Finally, Avanza Fonder AB acquired a new position in shares of PPG Industries during the 4th quarter worth approximately $2,944,000. 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.