PPG Industries Inc. (PPG) PT Lowered to $112.00 at Citigroup Inc.
Other analysts have also issued reports about the company. Credit Suisse Group AG reissued a buy rating and issued a $115.00 price objective on shares of PPG Industries in a report on Tuesday, September 13th. JPMorgan Chase & Co. reissued a buy rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Jefferies Group reissued a buy rating on shares of PPG Industries in a report on Wednesday, July 6th. Longbow Research raised PPG Industries from a neutral rating to a buy rating and set a $130.00 price objective on the stock in a report on Thursday, June 23rd. Finally, Seaport Global Securities raised PPG Industries from an accumulate rating to a buy rating and raised their price objective for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. PPG Industries has an average rating of Buy and an average price target of $115.46.
Shares of PPG Industries (NYSE:PPG) opened at 92.54 on Tuesday. The company’s 50-day moving average price is $101.62 and its 200 day moving average price is $106.41. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The stock has a market cap of $24.64 billion, a price-to-earnings ratio of 17.10 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, hitting the consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same period last year, the company earned $1.67 earnings per share. PPG Industries’s revenue for the quarter was down .9% compared to the same quarter last year. On average, equities analysts predict that PPG Industries will post $6.17 earnings per share for the current year.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the transaction, the insider now owns 69,044 shares in the company, valued at $7,362,852.16. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the transaction, the vice president now owns 11,806 shares in the company, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
A number of institutional investors have recently made changes to their positions in PPG. NN Investment Partners Holdings N.V. bought a new position in shares of PPG Industries during the first quarter worth approximately $2,487,000. Palisade Capital Management LLC NJ increased its position in shares of PPG Industries by 39.8% in the first quarter. Palisade Capital Management LLC NJ now owns 25,392 shares of the company’s stock worth $2,831,000 after buying an additional 7,234 shares during the last quarter. Menta Capital LLC increased its position in shares of PPG Industries by 63.5% in the first quarter. Menta Capital LLC now owns 9,420 shares of the company’s stock worth $1,050,000 after buying an additional 3,660 shares during the last quarter. M&T Bank Corp increased its position in shares of PPG Industries by 14.6% in the first quarter. M&T Bank Corp now owns 113,231 shares of the company’s stock worth $12,624,000 after buying an additional 14,419 shares during the last quarter. Finally, Aviva PLC increased its position in shares of PPG Industries by 0.5% in the first quarter. Aviva PLC now owns 149,340 shares of the company’s stock worth $16,650,000 after buying an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 73.01% 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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