PPG Industries Inc. (PPG) Downgraded by Deutsche Bank AG to Hold
Deutsche Bank AG downgraded shares of PPG Industries Inc. (NYSE:PPG) from a buy rating to a hold rating in a report published on Monday morning. They currently have $100.00 price objective on the stock.
A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of PPG Industries from a hold rating to a sell rating in a research note on Monday, August 29th. Credit Suisse Group AG reissued a buy rating and issued a $115.00 price objective on shares of PPG Industries in a research note on Tuesday, August 9th. Jefferies Group reissued a buy rating and issued a $129.00 price objective (up from $127.00) on shares of PPG Industries in a research note on Monday, July 25th. Longbow Research raised shares of PPG Industries from a neutral rating to a buy rating and set a $130.00 price objective on the stock in a research note on Thursday, June 23rd. Finally, JPMorgan Chase & Co. reissued a buy rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Friday, June 17th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $118.83.
PPG Industries (NYSE:PPG) traded down 1.902% during midday trading on Monday, hitting $92.065. 810,063 shares of the stock were exchanged. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The firm has a 50 day moving average of $103.22 and a 200-day moving average of $106.84. The stock has a market cap of $24.52 billion, a price-to-earnings ratio of 17.011 and a beta of 1.47.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.85. The business earned $4.10 billion during 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 business’s revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.67 EPS. On average, equities analysts expect that PPG Industries will post $6.17 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, August 8th. This represents a $1.60 annualized dividend and a dividend yield of 1.70%. PPG Industries’s payout ratio is currently 29.57%.
In other news, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction dated 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 directly owns 11,806 shares in the company, valued at approximately $1,228,768.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction that occurred 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 completion of 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. Insiders own 0.68% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Central Bank & Trust Co. raised its position in PPG Industries by 0.5% in the third quarter. Central Bank & Trust Co. now owns 40,006 shares of the company’s stock valued at $4,135,000 after buying an additional 195 shares during the last quarter. Independence Advisors LLC raised its position in PPG Industries by 2.5% in the third quarter. Independence Advisors LLC now owns 30,250 shares of the company’s stock valued at $3,127,000 after buying an additional 751 shares during the last quarter. Liberty Capital Management Inc. raised its position in PPG Industries by 75.9% in the third quarter. Liberty Capital Management Inc. now owns 4,125 shares of the company’s stock valued at $421,000 after buying an additional 1,780 shares during the last quarter. New England Research & Management Inc. acquired a new position in PPG Industries during the third quarter valued at approximately $504,000. Finally, Park National Corp OH raised its position in PPG Industries by 2.4% in the third quarter. Park National Corp OH now owns 4,262 shares of the company’s stock valued at $440,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 73.04% of the company’s stock.
PPG Industries Company Profile
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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