Wells Fargo & Company Lowers PPG Industries (NYSE:PPG) Price Target to $130.00

PPG Industries (NYSE:PPG) had its price target dropped by equities researchers at Wells Fargo & Company from $135.00 to $130.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 31.34% from the stock’s current price.

Other analysts have also issued research reports about the company. Citigroup dropped their price objective on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of PPG Industries from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $145.00 to $115.00 in a research note on Wednesday, February 12th. Argus cut PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, March 10th. Deutsche Bank Aktiengesellschaft decreased their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, StockNews.com downgraded PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, February 3rd. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $137.77.

PPG Industries Price Performance

NYSE:PPG opened at $98.98 on Thursday. 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 firm has a fifty day simple moving average of $113.74 and a 200 day simple moving average of $120.54. PPG Industries has a 1-year low of $97.49 and a 1-year high of $142.30. The stock has a market capitalization of $22.47 billion, a PE ratio of 20.93, a P/E/G ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. On average, research analysts expect that PPG Industries will post 7.95 EPS for the current fiscal year.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $118.35, for a total transaction of $568,080.00. Following the transaction, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,240,835.55. The trade was a 11.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its holdings in PPG Industries by 68.3% during the 3rd quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock worth $115,757,000 after purchasing an additional 354,740 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in PPG Industries by 11.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 10,038 shares of the specialty chemicals company’s stock worth $1,330,000 after acquiring an additional 1,000 shares during the period. Benjamin Edwards Inc. grew its holdings in PPG Industries by 329.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 22,108 shares of the specialty chemicals company’s stock worth $2,928,000 after acquiring an additional 16,956 shares during the period. HighTower Advisors LLC raised its position in shares of PPG Industries by 13.5% in the 3rd quarter. HighTower Advisors LLC now owns 74,837 shares of the specialty chemicals company’s stock worth $9,914,000 after acquiring an additional 8,905 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of PPG Industries by 10.0% in the 3rd quarter. Janus Henderson Group PLC now owns 36,422 shares of the specialty chemicals company’s stock valued at $4,824,000 after purchasing an additional 3,300 shares during the period. 81.86% of the stock is currently owned by institutional investors.

About PPG Industries

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.