PPG Industries (PPG) Shares Gap Up to $99.60
PPG Industries, Inc. (NYSE:PPG) shares gapped up before the market opened on Thursday . The stock had previously closed at $98.02, but opened at $99.60. PPG Industries shares last traded at $97.87, with a volume of 93096 shares changing hands.
A number of research analysts recently issued reports on the company. Credit Suisse Group restated a “neutral” rating and set a $119.00 price objective on shares of PPG Industries in a research report on Monday, September 24th. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. JPMorgan Chase & Co. lowered PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price objective for the company. in a research report on Friday, July 27th. They noted that the move was a valuation call. Deutsche Bank reduced their price objective on PPG Industries from $124.00 to $116.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Vertical Research lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the stock. PPG Industries presently has an average rating of “Hold” and a consensus price target of $118.71.
The company has a debt-to-equity ratio of 1.01, a current ratio of 1.70 and a quick ratio of 1.22. The company has a market cap of $26.41 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 2.11 and a beta of 1.50.
Institutional investors have recently made changes to their positions in the business. Obermeyer Wood Investment Counsel Lllp bought a new stake in PPG Industries during the 2nd quarter valued at $375,000. Schwab Charles Investment Management Inc. raised its stake in PPG Industries by 0.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 999,734 shares of the specialty chemicals company’s stock valued at $103,703,000 after acquiring an additional 9,186 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in PPG Industries by 1,257.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,862 shares of the specialty chemicals company’s stock valued at $1,127,000 after acquiring an additional 10,062 shares in the last quarter. Flinton Capital Management LLC raised its stake in PPG Industries by 31.1% during the 2nd quarter. Flinton Capital Management LLC now owns 7,424 shares of the specialty chemicals company’s stock valued at $770,000 after acquiring an additional 1,760 shares in the last quarter. Finally, Suntrust Banks Inc. raised its stake in PPG Industries by 18.7% during the 1st quarter. Suntrust Banks Inc. now owns 43,662 shares of the specialty chemicals company’s stock valued at $4,870,000 after acquiring an additional 6,873 shares in the last quarter. 76.64% of the stock is currently owned by hedge funds and other institutional investors.
PPG Industries Company Profile (NYSE:PPG)
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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