PPG Industries (NYSE:PPG) Price Target Cut to $148.00

PPG Industries (NYSE:PPG) had its target price lowered by analysts at Barclays from $149.00 to $148.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the specialty chemicals company’s stock. Barclays‘s target price suggests a potential upside of 13.50% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of PPG Industries from $160.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $150.00 to $163.00 in a research report on Thursday, April 11th. UBS Group lowered their target price on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Citigroup lowered their price target on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research report on Wednesday, April 10th. Finally, Bank of America lowered their price target on shares of PPG Industries from $167.00 to $164.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, PPG Industries has an average rating of “Hold” and a consensus target price of $155.50.

PPG Industries Trading Down 0.6 %

NYSE PPG opened at $130.40 on Monday. The stock has a market capitalization of $30.69 billion, a P/E ratio of 22.03, a P/E/G ratio of 1.56 and a beta of 1.28. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89. The firm has a 50-day moving average price of $140.00 and a 200 day moving average price of $138.97. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the prior year, the company posted $1.82 earnings per share. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities research analysts expect that PPG Industries will post 8.46 EPS for the current year.

PPG Industries declared that its Board of Directors has approved a share buyback plan on Thursday, April 18th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC purchased a new stake in PPG Industries during the 4th quarter worth $26,000. Private Wealth Management Group LLC purchased a new stake in PPG Industries during the 4th quarter worth $27,000. SJS Investment Consulting Inc. increased its stake in PPG Industries by 588.5% during the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 153 shares during the period. CVA Family Office LLC purchased a new stake in PPG Industries during the 4th quarter worth $28,000. Finally, Richardson Financial Services Inc. purchased a new stake in PPG Industries during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.