PPG Industries (PPG) Price Target Cut to $119.00 by Analysts at KeyCorp

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PPG Industries (NYSE:PPG) had its price target reduced by KeyCorp from $128.00 to $119.00 in a research report report published on Friday morning, The Fly reports. They currently have an overweight rating on the specialty chemicals company’s stock. KeyCorp also issued estimates for PPG Industries’ Q3 2018 earnings at $1.42 EPS, FY2018 earnings at $5.80 EPS and FY2019 earnings at $6.50 EPS.

A number of other research firms have also recently commented on PPG. Credit Suisse Group lowered their target price on PPG Industries from $122.00 to $119.00 and set an outperform rating on the stock in a research note on Friday, July 20th. ValuEngine lowered PPG Industries from a hold rating to a sell rating in a report on Tuesday. Northcoast Research set a $114.00 price objective on PPG Industries and gave the stock a buy rating in a report on Tuesday. Goldman Sachs Group raised PPG Industries from a neutral rating to a buy rating and set a $126.00 price objective for the company in a report on Wednesday, July 25th. Finally, Deutsche Bank decreased their price objective on PPG Industries from $124.00 to $116.00 and set a buy rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the company. PPG Industries currently has a consensus rating of Hold and a consensus target price of $118.71.

Shares of NYSE PPG traded down $1.29 during mid-day trading on Friday, reaching $95.09. 2,350,359 shares of the company’s stock were exchanged, compared to its average volume of 1,696,030. The stock has a market capitalization of $26.41 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 2.11 and a beta of 1.50. PPG Industries has a 52 week low of $94.40 and a 52 week high of $122.07. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.70 and a quick ratio of 1.22.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 EPS for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.02. The company had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.12 billion. PPG Industries had a return on equity of 27.36% and a net margin of 9.87%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.83 EPS. Research analysts expect that PPG Industries will post 6.2 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in PPG. Charles Schwab Investment Advisory Inc. purchased a new position in PPG Industries during the 2nd quarter valued at about $327,975,000. Massachusetts Financial Services Co. MA boosted its position in shares of PPG Industries by 15.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 22,112,913 shares of the specialty chemicals company’s stock valued at $2,293,772,000 after acquiring an additional 2,995,436 shares during the last quarter. Parnassus Investments CA boosted its position in shares of PPG Industries by 68.1% during the 2nd quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock valued at $441,520,000 after acquiring an additional 1,724,631 shares during the last quarter. Mondrian Investment Partners LTD bought a new stake in shares of PPG Industries during the 2nd quarter valued at about $46,290,000. Finally, Bank of America Corp DE boosted its position in shares of PPG Industries by 15.2% during the 2nd quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock valued at $316,527,000 after acquiring an additional 401,643 shares during the last quarter. 76.64% of the stock is owned by institutional investors.

PPG Industries Company Profile

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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The Fly

Analyst Recommendations for PPG Industries (NYSE:PPG)

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