PPG Industries (NYSE:PPG) Sets New 52-Week Low After Analyst Downgrade

PPG Industries, Inc. (NYSE:PPG)’s stock price reached a new 52-week low during mid-day trading on Monday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock traded as low as $112.68 and last traded at $111.15, with a volume of 109698 shares trading hands. The stock had previously closed at $115.38.

PPG has been the subject of several other research reports. UBS Group dropped their price target on PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Friday. Barclays dropped their price target on PPG Industries from $144.00 to $125.00 and set an “equal weight” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft decreased their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. JPMorgan Chase & Co. decreased their price objective on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Finally, Citigroup decreased their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $142.25.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Stockton raised its stake in PPG Industries by 5.1% in the fourth quarter. Bank of Stockton now owns 5,072 shares of the specialty chemicals company’s stock valued at $606,000 after buying an additional 244 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in PPG Industries during the 4th quarter worth approximately $48,000. Legacy Capital Group California Inc. purchased a new stake in PPG Industries in the fourth quarter valued at approximately $557,000. Nicholson Wealth Management Group LLC grew its position in shares of PPG Industries by 164.3% during the fourth quarter. Nicholson Wealth Management Group LLC now owns 12,636 shares of the specialty chemicals company’s stock worth $1,509,000 after acquiring an additional 7,855 shares during the last quarter. Finally, Mattern Capital Management LLC raised its position in PPG Industries by 13.5% in the 4th quarter. Mattern Capital Management LLC now owns 68,871 shares of the specialty chemicals company’s stock valued at $8,227,000 after purchasing an additional 8,204 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Stock Performance

The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The stock has a market cap of $25.98 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 1.99 and a beta of 1.24. The stock’s 50 day moving average is $121.11 and its two-hundred day moving average is $124.33.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. Analysts anticipate that PPG Industries, Inc. will post 7.9 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be issued a $0.68 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $2.72 dividend on an annualized basis and a yield of 2.43%. PPG Industries’s payout ratio is 57.51%.

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.