PPG Industries (NYSE:PPG) Price Target Cut to $145.00

PPG Industries (NYSE:PPG) had its target price reduced by JPMorgan Chase & Co. from $155.00 to $145.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock.

PPG has been the subject of a number of other research reports. BMO Capital Markets reduced their target price on PPG Industries from $165.00 to $161.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Barclays reduced their price target on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, July 22nd. UBS Group lifted their target price on shares of PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Royal Bank of Canada dropped their price target on PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 23rd. Finally, Bank of America cut their price objective on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $150.14.

PPG Industries Stock Down 1.6 %

NYSE PPG opened at $128.83 on Friday. The firm has a market capitalization of $30.21 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 1.73 and a beta of 1.26. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16. The company has a fifty day moving average of $127.41 and a two-hundred day moving average of $128.93. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.07 EPS. On average, analysts predict that PPG Industries will post 8.24 earnings per share for the current year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.68 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 annualized dividend and a dividend yield of 2.11%. PPG Industries’s payout ratio is 45.95%.

Institutional Trading of PPG Industries

Several large investors have recently added to or reduced their stakes in PPG. Vanguard Group Inc. grew its position in shares of PPG Industries by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after purchasing an additional 4,222,402 shares during the period. Dimensional Fund Advisors LP increased its position in PPG Industries by 20.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock worth $276,576,000 after acquiring an additional 368,410 shares during the period. Federated Hermes Inc. lifted its position in shares of PPG Industries by 91.0% during the 2nd quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock valued at $65,905,000 after acquiring an additional 249,406 shares during the period. SG Americas Securities LLC increased its stake in PPG Industries by 549.0% in the second quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock valued at $32,246,000 after acquiring an additional 216,675 shares during the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in PPG Industries in the 1st quarter valued at approximately $31,033,000. 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.