Seaport Global Securities Lowers PPG Industries (PPG) to Neutral
PPG Industries (NYSE:PPG) was downgraded by research analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, The Fly reports.
Several other brokerages also recently commented on PPG. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Thursday, January 4th. Royal Bank of Canada reaffirmed a “hold” rating and set a $115.00 price target on shares of PPG Industries in a research note on Wednesday, January 17th. Raymond James Financial started coverage on shares of PPG Industries in a research note on Tuesday, December 19th. They set an “outperform” rating and a $139.00 price target for the company. BMO Capital Markets started coverage on shares of PPG Industries in a research note on Tuesday, March 27th. They set a “market perform” rating and a $123.00 price target for the company. Finally, ValuEngine downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $125.00.
Shares of NYSE:PPG opened at $111.77 on Tuesday. The company has a market capitalization of $27,486.87, a P/E ratio of 19.04, a P/E/G ratio of 1.91 and a beta of 1.56. The company has a quick ratio of 1.22, a current ratio of 1.66 and a debt-to-equity ratio of 0.73. PPG Industries has a one year low of $100.45 and a one year high of $122.07.
In related news, VP Jean-Marie Greindl sold 9,500 shares of PPG Industries stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $115.79, for a total transaction of $1,100,005.00. Following the completion of the transaction, the vice president now owns 27,685 shares of the company’s stock, valued at $3,205,646.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. TIAA FSB raised its stake in PPG Industries by 6.2% during the fourth quarter. TIAA FSB now owns 30,031 shares of the specialty chemicals company’s stock worth $3,508,000 after buying an additional 1,744 shares during the last quarter. BlackRock Inc. raised its stake in PPG Industries by 1.2% during the fourth quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock worth $1,745,724,000 after buying an additional 175,593 shares during the last quarter. Terril Brothers Inc. acquired a new stake in PPG Industries in the fourth quarter worth $694,000. Koch Industries Inc. acquired a new stake in PPG Industries in the fourth quarter worth $345,000. Finally, BerganKDV Wealth Management LLC grew its holdings in PPG Industries by 17.5% in the fourth quarter. BerganKDV Wealth Management LLC now owns 7,259 shares of the specialty chemicals company’s stock worth $848,000 after purchasing an additional 1,081 shares during the period. 76.85% of the stock is owned by institutional investors and hedge funds.
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About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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