PPG Industries Inc. (PPG) Stock Rating Reaffirmed by Goldman Sachs Group Inc.
PPG Industries Inc. (NYSE:PPG)‘s stock had its “buy” rating reiterated by equities researchers at Goldman Sachs Group Inc. in a research note issued on Thursday. They presently have a $111.00 price objective on the stock, down from their previous price objective of $119.00. Goldman Sachs Group Inc.’s target price suggests a potential upside of 19.87% from the stock’s current price.
A number of other research firms have also recently commented on PPG. Citigroup Inc. decreased their target price on shares of PPG Industries from $131.00 to $112.00 and set a “buy” rating on the stock in a research report on Tuesday, October 11th. Royal Bank Of Canada reduced their price target on shares of PPG Industries from $125.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 11th. Morgan Stanley reissued a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. RBC Capital Markets reissued an “outperform” rating and set a $106.00 price target (down previously from $125.00) on shares of PPG Industries in a research report on Wednesday, October 12th. Finally, Deutsche Bank AG cut shares of PPG Industries from a “buy” rating to a “hold” rating and reduced their price target for the stock from $122.00 to $100.00 in a research report on Monday, October 10th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $115.46.
Shares of PPG Industries (NYSE:PPG) opened at 92.60 on Thursday. The company has a 50-day moving average of $101.62 and a 200-day moving average of $106.41. PPG Industries has a 1-year low of $88.37 and a 1-year high of $117.00. The firm has a market capitalization of $24.66 billion, a PE ratio of 17.11 and a beta of 1.47.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.17 billion. During the same quarter in the prior year, the company posted $1.67 earnings per share. PPG Industries’s revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts predict that PPG Industries will post $6.17 EPS for the current fiscal year.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total value of $4,366,908.00. Following the transaction, the insider now directly owns 69,044 shares in the company, valued at $7,362,852.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the completion of the transaction, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock worth $164,615,000 after buying an additional 924,195 shares during the period. Bank of Montreal Can acquired a new position in shares of PPG Industries during the second quarter worth about $61,750,000. Emerald Acquisition Ltd. acquired a new position in shares of PPG Industries during the second quarter worth about $52,722,000. Public Employees Retirement Association of Colorado raised its position in shares of PPG Industries by 744.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 506,068 shares of the company’s stock worth $52,707,000 after buying an additional 446,151 shares during the period. Finally, RidgeWorth Capital Management LLC raised its position in shares of PPG Industries by 360.5% in the second quarter. RidgeWorth Capital Management LLC now owns 569,606 shares of the company’s stock worth $59,536,000 after buying an additional 445,926 shares during the period. Institutional investors and hedge funds own 73.04% of the company’s stock.
About PPG Industries
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.
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