PPG Industries, Inc. (NYSE:PPG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, October 17th.
According to Zacks, “Earnings estimates for PPG Industries for the third quarter have been going down of late. The company has underperformed the industry it belongs to over a year. PPG Industries faces currency headwind and macroeconomic challenges. Some of its end-markets including marine still remain sluggish. It is also exposed to raw materials cost pressure.”
A number of other equities analysts have also commented on PPG. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and set a $120.00 price target on shares of PPG Industries in a report on Thursday, July 6th. Credit Suisse Group reiterated an “outperform” rating and issued a $114.00 target price (up previously 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 upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Deutsche Bank AG boosted their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, July 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. PPG Industries presently has a consensus rating of “Hold” and an average price target of $119.36.
PPG Industries (NYSE:PPG) traded down $0.19 on Tuesday, reaching $116.34. 639,598 shares of the company traded hands, compared to its average volume of 1,450,000. PPG Industries has a 52-week low of $90.88 and a 52-week high of $119.85. The firm has a market capitalization of $29,650.00, a price-to-earnings ratio of 19.78, a price-to-earnings-growth ratio of 2.32 and a beta of 1.60. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, meeting the consensus estimate of $1.52. The company had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.75 billion. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. PPG Industries’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.56 earnings per share. equities analysts anticipate that PPG Industries will post 5.9 EPS for the current year.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries stock in a transaction on Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the transaction, the insider now directly owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of PPG Industries stock in a transaction on Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the transaction, the vice president now directly owns 52,748 shares in the company, valued at $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Harbour Capital Advisors LLC raised its stake in PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after acquiring an additional 10,896 shares during the period. Bruderman Asset Management LLC bought a new stake in shares of PPG Industries during the second quarter valued at about $105,000. V Wealth Management LLC bought a new stake in shares of PPG Industries during the second quarter valued at about $112,000. State of Alaska Department of Revenue bought a new stake in shares of PPG Industries during the second quarter valued at about $113,000. Finally, Global X Management Co. LLC increased its position in shares of PPG Industries by 26.7% in the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares during the last quarter. Institutional investors and hedge funds own 74.57% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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