PPG Industries (NYSE:PPG) PT Lowered to $165.00

PPG Industries (NYSE:PPG) had its price target lowered by stock analysts at BMO Capital Markets from $168.00 to $165.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. BMO Capital Markets’ target price indicates a potential upside of 26.66% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a report on Monday. Vertical Research raised PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. StockNews.com downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday. KeyCorp decreased their price objective on PPG Industries from $164.00 to $162.00 and set an “overweight” rating for the company in a report on Monday. Finally, Bank of America decreased their price objective on PPG Industries from $167.00 to $164.00 and set a “buy” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $155.50.

PPG Industries Stock Down 0.7 %

PPG traded down $0.89 on Tuesday, reaching $130.27. The company’s stock had a trading volume of 534,558 shares, compared to its average volume of 1,763,777. The stock has a 50 day moving average of $140.16 and a two-hundred day moving average of $138.99. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $30.66 billion, a price-to-earnings ratio of 22.04, a P/E/G ratio of 1.56 and a beta of 1.28. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89.

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

PPG Industries announced that its board has approved a stock repurchase plan on Thursday, April 18th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by company insiders.

Institutional Trading of PPG Industries

A number of institutional investors have recently modified their holdings of the company. Revisor Wealth Management LLC grew its holdings in shares of PPG Industries by 132.0% during the 1st quarter. Revisor Wealth Management LLC now owns 4,903 shares of the specialty chemicals company’s stock worth $722,000 after purchasing an additional 2,790 shares during the period. Confluence Wealth Services Inc. grew its holdings in shares of PPG Industries by 56.4% during the 1st quarter. Confluence Wealth Services Inc. now owns 8,672 shares of the specialty chemicals company’s stock worth $1,257,000 after purchasing an additional 3,128 shares during the period. PFG Investments LLC purchased a new stake in shares of PPG Industries during the 1st quarter worth about $284,000. Raymond James & Associates lifted its position in PPG Industries by 12.0% during the 1st quarter. Raymond James & Associates now owns 745,142 shares of the specialty chemicals company’s stock worth $107,971,000 after acquiring an additional 79,688 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its position in PPG Industries by 1.1% during the 1st quarter. IFM Investors Pty Ltd now owns 50,476 shares of the specialty chemicals company’s stock worth $7,314,000 after acquiring an additional 553 shares in the last quarter. 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.