PPG Industries’ (PPG) Outperform Rating Reaffirmed at RBC Capital Markets
RBC Capital Markets reaffirmed their outperform rating on shares of PPG Industries Inc. (NYSE:PPG) in a report published on Wednesday. RBC Capital Markets currently has a $106.00 target price on the stock, down from their prior target price of $125.00.
A number of other research analysts have also issued reports on PPG. Morgan Stanley reiterated a hold rating on shares of PPG Industries in a research report on Thursday, June 16th. Zacks Investment Research lowered PPG Industries from a buy rating to a hold rating in a report on Tuesday, July 12th. Citigroup Inc. cut their price objective on PPG Industries from $131.00 to $112.00 and set a buy rating for the company in a report on Tuesday, October 11th. Credit Suisse Group AG restated a buy rating on shares of PPG Industries in a report on Wednesday, June 15th. Finally, Seaport Global Securities upgraded PPG Industries from an accumulate rating to a buy rating and upped their price objective for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. PPG Industries currently has an average rating of Buy and a consensus target price of $115.46.
Shares of PPG Industries (NYSE:PPG) opened at 92.66 on Wednesday. The firm has a 50-day moving average price of $101.25 and a 200-day moving average price of $106.21. The firm has a market capitalization of $24.67 billion, a price-to-earnings ratio of 17.12 and a beta of 1.47. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The company earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the firm posted $1.67 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. On average, equities analysts expect that PPG Industries will post $6.17 earnings per share for the current fiscal year.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction 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 directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the transaction, the vice president now directly owns 11,806 shares in the company, valued at $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 hedge funds and other institutional investors have recently bought and sold shares of PPG. State Street Corp increased its position in shares of PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock worth $1,295,100,000 after buying an additional 368,260 shares during the period. Cypress Wealth Advisors LLC purchased a new position in shares of PPG Industries during the first quarter worth approximately $217,000. Zebra Capital Management LLC purchased a new position in shares of PPG Industries during the first quarter worth approximately $988,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of PPG Industries by 25.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,371 shares of the company’s stock worth $1,602,000 after buying an additional 2,937 shares during the period. Finally, BB&T Securities LLC increased its position in shares of PPG Industries by 167.6% in the first quarter. BB&T Securities LLC now owns 11,081 shares of the company’s stock worth $1,235,000 after buying an additional 6,940 shares during the period. 73.01% of the stock is currently owned by hedge funds and other institutional investors.
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.
Receive News & Ratings for PPG Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.