Investors Buy PPG Industries Inc. (PPG) on Weakness
Investors bought shares of PPG Industries Inc. (NYSE:PPG) on weakness during trading on Thursday. $37.98 million flowed into the stock on the tick-up and $24.92 million flowed out of the stock on the tick-down, for a money net flow of $13.06 million into the stock. Of all stocks tracked, PPG Industries had the 23rd highest net in-flow for the day. PPG Industries traded down ($0.84) for the day and closed at $108.63
PPG has been the topic of several recent research reports. JPMorgan Chase & Co. reiterated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research report on Friday, June 17th. Credit Suisse Group AG reiterated a “buy” rating on shares of PPG Industries in a research report on Wednesday, June 15th. Zacks Investment Research upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and set a $126.00 target price on the stock in a research report on Tuesday, April 26th. Citigroup Inc. lifted their target price on shares of PPG Industries from $120.00 to $131.00 and gave the stock a “buy” rating in a research report on Monday, April 18th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of PPG Industries in a research report on Thursday, March 24th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $119.09.
The firm’s 50 day moving average is $106.67 and its 200-day moving average is $103.94. The company has a market capitalization of $29.07 billion and a P/E ratio of 20.73.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, April 21st. The company reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.01. The company earned $3.67 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter last year, the company posted $2.37 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts expect that PPG Industries Inc. will post $6.29 earnings per share for the current fiscal year.
A number of hedge funds and institutional investors have modified their holdings of the stock. Commerzbank Aktiengesellschaft FI boosted its position in shares of PPG Industries by 87.5% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 17,652 shares of the company’s stock worth $1,744,000 after buying an additional 8,237 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in shares of PPG Industries by 19.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 26,475 shares of the company’s stock worth $2,616,000 after buying an additional 4,345 shares during the last quarter. Gabelli Funds LLC boosted its position in shares of PPG Industries by 13.3% in the fourth quarter. Gabelli Funds LLC now owns 85,200 shares of the company’s stock worth $8,419,000 after buying an additional 10,000 shares during the last quarter. Old Mutual Global Investors UK Ltd. acquired a new position in shares of PPG Industries during the fourth quarter worth approximately $1,177,000. Finally, Winton Capital Group Ltd boosted its position in shares of PPG Industries by 908.6% in the fourth quarter. Winton Capital Group Ltd now owns 170,904 shares of the company’s stock worth $16,889,000 after buying an additional 153,960 shares during the last quarter.
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.