PPG Industries (NYSE:PPG) Price Target Cut to $153.00

PPG Industries (NYSE:PPG) had its price target lowered by stock analysts at KeyCorp from $162.00 to $153.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the specialty chemicals company’s stock. KeyCorp’s target price would suggest a potential upside of 20.74% from the company’s previous close.

Several other brokerages also recently commented on PPG. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. Barclays decreased their price target on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday. Royal Bank of Canada decreased their price target on shares of PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Citigroup decreased their price target on shares of PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft decreased 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, April 22nd. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, PPG Industries currently has an average rating of “Moderate Buy” and an average price target of $151.38.

PPG Industries Stock Down 1.3 %

PPG Industries stock opened at $126.72 on Monday. The company has a market capitalization of $29.56 billion, a P/E ratio of 21.41, a P/E/G ratio of 1.66 and a beta of 1.26. PPG Industries has a 1-year low of $120.32 and a 1-year high of $151.18. The company has a current ratio of 1.49, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The firm’s fifty day simple moving average is $129.30 and its 200-day simple moving average is $135.90.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.48 by $0.02. The firm had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.93 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.25 EPS. Sell-side analysts forecast that PPG Industries will post 8.26 earnings per share for the current fiscal year.

PPG Industries declared that its Board of Directors has approved a stock buyback program on Thursday, April 18th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other PPG Industries news, CEO Timothy M. Knavish bought 2,061 shares of PPG Industries stock in a transaction that occurred on Wednesday, May 8th. The stock was acquired at an average price of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the acquisition, the chief executive officer now owns 35,833 shares of the company’s stock, valued at approximately $4,774,388.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.

Institutional Trading of PPG Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PPG. Vanguard Group Inc. raised its position in PPG Industries by 17.2% during the first quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after acquiring an additional 4,222,402 shares in the last quarter. Norges Bank bought a new stake in PPG Industries during the fourth quarter worth $554,685,000. Assenagon Asset Management S.A. raised its position in PPG Industries by 4,484.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock worth $108,228,000 after acquiring an additional 707,903 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of PPG Industries in the fourth quarter valued at about $74,492,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of PPG Industries by 37.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,839,000 shares of the specialty chemicals company’s stock valued at $270,876,000 after purchasing an additional 496,998 shares during the period. 81.86% 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, 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.