Jefferies Group LLC reiterated their buy rating on shares of PPG Industries, Inc. (NYSE:PPG) in a report published on Friday morning. Jefferies Group LLC currently has a $120.00 price objective on the specialty chemicals company’s stock.
PPG has been the topic of several other reports. TheStreet raised PPG Industries from a c+ rating to a b+ rating in a report on Monday, May 22nd. Argus raised PPG Industries from a hold rating to a buy rating and upped their price objective for the stock from $110.61 to $136.00 in a report on Wednesday, July 5th. Credit Suisse Group reaffirmed an outperform rating and set a $114.00 price objective (up from $109.00) on shares of PPG Industries in a report on Monday, July 17th. They noted that the move was a valuation call. BidaskClub raised PPG Industries from a hold rating to a buy rating in a report on Wednesday, July 19th. Finally, Deutsche Bank AG upped their price objective on PPG Industries from $110.00 to $115.00 and gave the stock a hold rating in a report on Friday, July 21st. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $115.19.
PPG Industries (NYSE:PPG) opened at 106.80 on Friday. PPG Industries has a 12 month low of $89.64 and a 12 month high of $113.67. The firm’s 50-day moving average is $104.15 and its 200-day moving average is $106.72. The company has a market capitalization of $27.39 billion, a PE ratio of 28.10 and a beta of 1.55.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the previous year, the firm earned $1.73 EPS. The firm’s revenue was up .6% compared to the same quarter last year. Equities analysts anticipate that PPG Industries will post $6.10 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th were given a dividend of $0.45 per share. The ex-dividend date was Tuesday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 1.69%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is currently 46.88%.
In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the transaction, the insider now owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $100.80, for a total value of $1,997,049.60. Following the transaction, the vice president now directly owns 52,748 shares in the company, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. grew its position in PPG Industries by 0.3% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 299,436 shares of the specialty chemicals company’s stock valued at $32,926,000 after acquiring an additional 812 shares during the last quarter. Intl Fcstone Inc. bought a new position in PPG Industries in the 2nd quarter valued at $371,000. Lord Abbett & CO. LLC grew its position in PPG Industries by 5.8% in the 2nd quarter. Lord Abbett & CO. LLC now owns 265,900 shares of the specialty chemicals company’s stock valued at $29,238,000 after acquiring an additional 14,500 shares during the last quarter. Toronto Dominion Bank grew its position in PPG Industries by 22.6% in the 2nd quarter. Toronto Dominion Bank now owns 94,244 shares of the specialty chemicals company’s stock valued at $10,363,000 after acquiring an additional 17,346 shares during the last quarter. Finally, Cetera Investment Advisers bought a new position in PPG Industries in the 2nd quarter valued at $597,000. 73.92% of the stock is currently owned by hedge funds and other institutional investors.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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