PPG Industries Inc. (PPG) PT Set at $110.00 by JPMorgan Chase & Co.
PPG Industries Inc. (NYSE:PPG) received a $110.00 target price from investment analysts at JPMorgan Chase & Co. in a research note issued on Monday. The firm presently has a a “buy” rating on the stock. JPMorgan Chase & Co.’s price target indicates a potential upside of 17.21% from the stock’s current price.
A number of other equities research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $115.00 target price on shares of PPG Industries in a research note on Tuesday, August 9th. Jefferies Group reaffirmed a “buy” rating and set a $129.00 target price (up previously 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 target price on the stock in a research note on Thursday, June 23rd. Finally, Deutsche Bank AG lowered shares of PPG Industries from a “buy” rating to a “hold” rating and cut their target price for the company from $122.00 to $100.00 in a research note on Monday. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. PPG Industries currently has a consensus rating of “Buy” and an average price target of $116.42.
PPG Industries (NYSE:PPG) traded down 2.371% during midday trading on Monday, reaching $91.625. 2,036,320 shares of the company’s stock traded hands. The firm’s 50-day moving average is $103.22 and its 200 day moving average is $106.84. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The firm has a market cap of $24.40 billion, a PE ratio of 16.930 and a beta of 1.47.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.85. The firm had revenue of $4.10 billion for 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%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.67 EPS. Equities research analysts expect that PPG Industries will post $6.17 earnings per share for the current fiscal 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 29.57%.
In other news, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’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 transaction, the insider now directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cable Hill Partners LLC boosted its position in PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock valued at $142,000 after buying an additional 25 shares during the last quarter. Meeder Asset Management Inc. bought a new position in PPG Industries during the first quarter valued at $144,000. Invictus RG bought a new position in PPG Industries during the first quarter valued at $147,000. Ropes Wealth Advisors LLC boosted its position in PPG Industries by 2.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,697 shares of the company’s stock valued at $177,000 after buying an additional 37 shares during the last quarter. Finally, Checchi Capital Advisers LLC boosted its position in PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock valued at $202,000 after buying an additional 59 shares during the last quarter. 73.04% of the stock is owned by hedge funds and other institutional investors.
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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