Citigroup Cuts PPG Industries (NYSE:PPG) Price Target to $145.00

PPG Industries (NYSE:PPG) had its price objective decreased by Citigroup from $150.00 to $145.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the specialty chemicals company’s stock.

Other research analysts also recently issued reports about the company. Mizuho cut their price target on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Royal Bank of Canada reduced their target price on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. decreased their price target on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. StockNews.com raised shares of PPG Industries from a “buy” rating to a “strong-buy” rating in a research report on Thursday, December 12th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $155.00 target price (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.29.

PPG Industries Trading Up 0.6 %

PPG opened at $120.21 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The stock’s fifty day moving average is $124.99 and its two-hundred day moving average is $126.25. The company has a market capitalization of $27.89 billion, a P/E ratio of 19.05, a PEG ratio of 1.90 and a beta of 1.24. PPG Industries has a 52 week low of $118.07 and a 52 week high of $150.82.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The business had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the company earned $2.07 earnings per share. The firm’s revenue was down 1.5% compared to the same quarter last year. Analysts forecast that PPG Industries will post 8.18 earnings per share for the current year.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th were given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, November 12th. PPG Industries’s dividend payout ratio is presently 43.11%.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of PPG Industries stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the transaction, the vice president now owns 13,454 shares in the company, valued at approximately $1,692,513.20. This trade represents a 12.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

Institutional Trading of PPG Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its position in PPG Industries by 4.4% in the 3rd quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after purchasing an additional 491,774 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of PPG Industries by 5.7% in the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock valued at $1,189,095,000 after purchasing an additional 485,597 shares during the period. Franklin Resources Inc. boosted its holdings in PPG Industries by 5.7% during the third quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock worth $403,049,000 after buying an additional 170,339 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in PPG Industries by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock valued at $340,654,000 after buying an additional 15,161 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in PPG Industries by 20.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock valued at $276,576,000 after buying an additional 368,410 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

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.