PPG Industries Inc. (PPG) Given New $112.00 Price Target at Citigroup Inc.
PPG Industries Inc. (NYSE:PPG) had its price objective cut by Citigroup Inc. from $131.00 to $112.00 in a research note issued to investors on Tuesday. The brokerage presently has a “buy” rating on the stock. Citigroup Inc.’s price target points to a potential upside of 19.34% from the company’s current price.
Other analysts have also issued research reports about the stock. Royal Bank Of Canada lowered their price objective on shares of PPG Industries from $125.00 to $106.00 and set an “outperform” rating for the company in a research note on Tuesday. Zacks Investment Research lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and lifted their price objective for the company from $125.00 to $130.00 in a research note on Tuesday, July 26th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Friday, June 17th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of PPG Industries in a research note on Wednesday, June 15th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $117.25.
Shares of PPG Industries (NYSE:PPG) traded down 2.23% during mid-day trading on Tuesday, reaching $91.76. 1,921,536 shares of the company’s stock were exchanged. The company has a market cap of $24.43 billion, a PE ratio of 16.95 and a beta of 1.47. The company’s 50-day moving average price is $103.21 and its 200 day moving average price is $106.84. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the consensus estimate of $1.85. The company earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. PPG Industries’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.67 EPS. On average, equities research analysts predict that PPG Industries will post $6.17 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Monday, August 8th. PPG Industries’s dividend payout ratio (DPR) is currently 29.57%.
In related news, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the transaction, the vice president now directly owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was 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 directly owns 69,044 shares in the company, valued at $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of PPG. Jackson Grant Investment Advisers Inc. increased its position in shares of PPG Industries by 0.4% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 2,561 shares of the company’s stock worth $267,000 after buying an additional 9 shares during the period. Abner Herrman & Brock LLC increased its position in shares of PPG Industries by 0.5% in the second quarter. Abner Herrman & Brock LLC now owns 2,523 shares of the company’s stock worth $269,000 after buying an additional 13 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of PPG Industries by 0.3% in the second quarter. Oppenheimer & Co. Inc. now owns 4,496 shares of the company’s stock worth $468,000 after buying an additional 14 shares during the period. Appleton Partners Inc. MA increased its position in shares of PPG Industries by 0.3% in the second quarter. Appleton Partners Inc. MA now owns 5,689 shares of the company’s stock worth $593,000 after buying an additional 18 shares during the period. Finally, Cable Hill Partners LLC increased its position in shares of PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock worth $142,000 after buying an additional 25 shares during the period. 73.04% of the stock is currently owned by institutional investors.
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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