PPG Industries Inc. (PPG) Stock Rating Reaffirmed by RBC Capital Markets
PPG Industries Inc. (NYSE:PPG)‘s stock had its “outperform” rating restated by equities research analysts at RBC Capital Markets in a report issued on Wednesday. They presently have a $106.00 price objective on the stock, down from their prior price objective of $125.00. RBC Capital Markets’ price objective would suggest a potential upside of 14.84% from the company’s previous close.
Several other equities research analysts also recently weighed in on PPG. Citigroup Inc. cut their price objective on PPG Industries from $131.00 to $112.00 and set a “buy” rating on the stock in a report on Tuesday. Morgan Stanley reissued a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Zacks Investment Research downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Credit Suisse Group AG reissued a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Finally, Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and raised their price objective for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $115.62.
PPG Industries (NYSE:PPG) traded down 0.417% on Wednesday, hitting $91.915. The stock had a trading volume of 1,533,478 shares. The stock has a market capitalization of $24.48 billion, a price-to-earnings ratio of 16.984 and a beta of 1.47. The company has a 50-day moving average price of $102.85 and a 200-day moving average price of $106.74. 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 Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter last year, the business posted $1.67 EPS. PPG Industries’s revenue for the quarter was down .9% on a year-over-year basis. Equities research analysts anticipate that PPG Industries will post $6.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Monday, August 8th. PPG Industries’s payout ratio is 29.57%.
In related news, 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 value of $4,366,908.00. Following the completion of the sale, the insider now directly owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the vice president now directly owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of PPG. Cable Hill Partners LLC raised its stake 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 last quarter. Meeder Asset Management Inc. purchased a new stake in shares of PPG Industries during the first quarter worth approximately $144,000. Invictus RG purchased a new stake in shares of PPG Industries during the first quarter worth approximately $147,000. Ropes Wealth Advisors LLC raised its stake in shares of PPG Industries by 2.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,697 shares of the company’s stock worth $177,000 after buying an additional 37 shares during the last quarter. Finally, Checchi Capital Advisers LLC raised its stake in shares of PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock worth $202,000 after buying an additional 59 shares during the last quarter. 73.04% of the stock is owned by institutional investors and hedge funds.
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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