PPG Industries (NYSE:PPG) PT Lowered to $150.00

PPG Industries (NYSE:PPG) had its target price decreased by Bank of America from $152.00 to $150.00 in a research report sent to investors on Monday, Benzinga reports. Bank of America currently has a buy rating on the specialty chemicals company’s stock.

A number of other research analysts have also recently issued reports on the company. Wells Fargo & Company raised PPG Industries from an equal weight rating to an overweight rating and lifted their price objective for the company from $150.00 to $163.00 in a report on Thursday, April 11th. StockNews.com raised PPG Industries from a hold rating to a buy rating in a report on Tuesday, April 30th. Citigroup cut their price objective on PPG Industries from $145.00 to $144.00 and set a buy rating for the company in a report on Monday. BMO Capital Markets cut their price objective on PPG Industries from $165.00 to $161.00 and set an outperform rating for the company in a report on Monday. Finally, Evercore ISI cut PPG Industries from an outperform rating to an in-line rating and set a $152.00 price objective for the company. in a report on Monday, April 22nd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $151.08.

PPG Industries Stock Down 1.2 %

Shares of PPG stock opened at $125.24 on Monday. The stock has a market cap of $29.22 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 1.71 and a beta of 1.26. PPG Industries has a one year low of $120.32 and a one year high of $151.16. The stock has a fifty day moving average price of $129.10 and a 200 day moving average price of $135.83. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last issued 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 during the quarter, compared to analysts’ expectations of $4.93 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. PPG Industries’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business earned $2.25 earnings per share. Analysts predict that PPG Industries will post 8.26 earnings per share for the current year.

PPG Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be issued a dividend of $0.68 per share. The ex-dividend date of this dividend is Monday, August 12th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.17%. PPG Industries’s payout ratio is presently 43.92%.

PPG Industries declared that its board has authorized a share repurchase program on Thursday, April 18th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Timothy M. Knavish bought 2,061 shares of PPG Industries stock in a transaction dated Wednesday, May 8th. The shares were bought at an average cost of $133.24 per share, with a total value of $274,607.64. Following the acquisition, the chief executive officer now owns 35,833 shares in the company, valued at approximately $4,774,388.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is owned by insiders.

Institutional Trading of PPG Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Private Wealth Management Group LLC bought a new position in PPG Industries in the fourth quarter valued at about $27,000. CVA Family Office LLC bought a new position in PPG Industries in the fourth quarter valued at about $28,000. DiNuzzo Private Wealth Inc. bought a new position in PPG Industries in the fourth quarter valued at about $29,000. LifeSteps Financial Inc. bought a new position in PPG Industries in the first quarter valued at about $29,000. Finally, YHB Investment Advisors Inc. bought a new position in PPG Industries in the first quarter valued at about $29,000. 81.86% of the stock is currently owned by institutional investors.

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.