PPG Industries Inc. (PPG) Stock Rating Reaffirmed by Jefferies Group
PPG Industries Inc. (NYSE:PPG)‘s stock had its “buy” rating restated by research analysts at Jefferies Group in a report released on Wednesday. They presently have a $129.00 price target on the stock. Jefferies Group’s price objective suggests a potential upside of 26.41% from the company’s previous close.
Several other equities analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $115.00 price target on shares of PPG Industries in a report on Tuesday, August 9th. Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target on the stock in a report on Thursday, June 23rd. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $120.00 price target on shares of PPG Industries in a report on Friday, June 17th. Finally, Seaport Global Securities raised shares of PPG Industries from an “accumulate” rating to a “buy” rating and lifted their price target for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $121.17.
PPG Industries (NYSE:PPG) traded up 0.23% during trading on Wednesday, hitting $102.28. 203,840 shares of the company traded hands. The stock has a market capitalization of $27.24 billion, a PE ratio of 18.90 and a beta of 1.47. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00. The company’s 50 day moving average is $103.91 and its 200-day moving average is $107.17.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.85. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm’s revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.67 earnings per share. Analysts predict that PPG Industries will post $6.18 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the transaction, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the transaction, the insider now owns 69,044 shares in the company, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of PPG. Wellington Management Group LLP boosted its position in PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock worth $164,615,000 after buying an additional 924,195 shares during the period. Bank of Montreal Can bought a new stake in shares of PPG Industries during the second quarter worth about $61,750,000. Emerald Acquisition Ltd. bought a new stake in shares of PPG Industries during the second quarter worth about $52,722,000. Public Employees Retirement Association of Colorado raised its stake in shares of PPG Industries by 744.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 506,068 shares of the company’s stock worth $52,707,000 after buying an additional 446,151 shares in the last quarter. Finally, RidgeWorth Capital Management LLC raised its stake in shares of PPG Industries by 360.5% in the second quarter. RidgeWorth Capital Management LLC now owns 569,606 shares of the company’s stock worth $59,536,000 after buying an additional 445,926 shares in the last quarter. Institutional investors and hedge funds own 73.04% of the company’s stock.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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