PPG Industries’ (PPG) Hold Rating Reiterated at Royal Bank Of Canada
Royal Bank Of Canada reiterated their hold rating on shares of PPG Industries, Inc. (NYSE:PPG) in a research report report published on Wednesday. Royal Bank Of Canada currently has a $109.00 price target on the specialty chemicals company’s stock.
PPG has been the topic of several other research reports. Bank of America Corporation cut shares of PPG Industries from a buy rating to a neutral rating and set a $115.00 price target on the stock. in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of PPG Industries from a sell rating to a hold rating in a research report on Tuesday, August 1st. Jefferies Group LLC reiterated a buy rating and set a $120.00 price target on shares of PPG Industries in a research report on Thursday, July 6th. Deutsche Bank AG upped their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the stock a hold rating in a report on Friday, July 21st. Finally, Robert W. Baird restated a buy rating and issued a $115.00 price objective on shares of PPG Industries in a report on Friday, September 1st. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $115.19.
Shares of PPG Industries (PPG) opened at 106.30 on Wednesday. PPG Industries has a 52 week low of $89.64 and a 52 week high of $113.67. The stock has a 50 day moving average price of $104.13 and a 200 day moving average price of $106.63. The firm has a market capitalization of $27.26 billion, a P/E ratio of 27.97 and a beta of 1.55.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the company earned $1.73 earnings per share. PPG Industries’s quarterly revenue was up .6% on a year-over-year basis. Analysts forecast that PPG Industries will post $6.10 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th were issued a dividend of $0.45 per share. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.69%. PPG Industries’s dividend payout ratio is presently 46.88%.
In other news, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the sale, the vice president now owns 52,748 shares in the company, valued at $5,316,998.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the sale, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
Several large investors have recently bought and sold shares of PPG. Polaris Greystone Financial Group LLC bought a new position in PPG Industries during the second quarter valued at approximately $1,518,000. AXA lifted its position in PPG Industries by 47.4% during the second quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock valued at $91,122,000 after purchasing an additional 266,457 shares during the period. LS Investment Advisors LLC lifted its position in PPG Industries by 18.3% during the first quarter. LS Investment Advisors LLC now owns 31,078 shares of the specialty chemicals company’s stock valued at $3,266,000 after purchasing an additional 4,799 shares during the period. Swiss National Bank lifted its position in PPG Industries by 26.1% during the first quarter. Swiss National Bank now owns 935,360 shares of the specialty chemicals company’s stock valued at $98,288,000 after purchasing an additional 193,800 shares during the period. Finally, BlackRock Inc. lifted its position in PPG Industries by 2,006.8% during the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after purchasing an additional 13,902,595 shares during the period. Hedge funds and other institutional investors own 74.17% of the company’s stock.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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