PPG Industries Inc. (PPG) Price Target Cut to $106.00 by Analysts at Royal Bank Of Canada
PPG Industries Inc. (NYSE:PPG) had its price objective cut by Royal Bank Of Canada from $125.00 to $106.00 in a research note issued to investors on Tuesday. They currently have an outperform rating on the stock.
Several other brokerages also recently issued reports on PPG. Credit Suisse Group AG restated a buy rating on shares of PPG Industries in a research report on Wednesday, June 15th. JPMorgan Chase & Co. restated a buy rating and set a $120.00 price objective on shares of PPG Industries in a research report on Friday, June 17th. Morgan Stanley restated a hold rating on shares of PPG Industries in a research report on Thursday, June 16th. Longbow Research upgraded shares of PPG Industries from a neutral rating to a buy rating and set a $130.00 price objective for the company in a research report on Thursday, June 23rd. Finally, Jefferies Group restated a buy rating on shares of PPG Industries in a research report on Wednesday, July 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. PPG Industries currently has an average rating of Buy and an average price target of $116.42.
Shares of PPG Industries (NYSE:PPG) traded down 0.88% on Tuesday, hitting $91.49. The stock had a trading volume of 700,400 shares. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The company has a 50 day moving average of $102.85 and a 200-day moving average of $106.74. The firm has a market capitalization of $24.36 billion, a P/E ratio of 16.91 and a beta of 1.47.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The business earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period last year, the business posted $1.67 EPS. PPG Industries’s revenue was down .9% on a year-over-year basis. Equities analysts predict that PPG Industries will post $6.17 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid a $0.40 dividend. The ex-dividend date was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a yield of 1.73%. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
In other PPG Industries news, 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 value of $4,366,908.00. Following the sale, the insider now owns 69,044 shares in the company, valued at $7,362,852.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Timothy M. Knavish sold 9,300 shares of the firm’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 sale, the vice president now owns 11,806 shares in the company, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its stake in shares of PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock worth $74,678,000 after buying an additional 189,934 shares in the last quarter. Legal & General Group Plc raised its stake in shares of PPG Industries by 2.7% in the first quarter. Legal & General Group Plc now owns 1,128,300 shares of the company’s stock worth $125,793,000 after buying an additional 30,011 shares in the last quarter. Capital Fund Management S.A. bought a new stake in shares of PPG Industries during the second quarter worth $24,833,000. Wellington Management Group LLP raised its stake in shares of 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 in the last quarter. Finally, Capstone Asset Management Co. raised its stake in shares of PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock worth $3,036,000 after buying an additional 426 shares in the last quarter. Hedge funds and other institutional investors 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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