PPG Industries, Inc. (NYSE:PPG) Earns Buy Rating from Jefferies Group LLC
Jefferies Group LLC reaffirmed their buy rating on shares of PPG Industries, Inc. (NYSE:PPG) in a research report report published on Thursday, July 6th. The brokerage currently has a $120.00 price objective on the specialty chemicals company’s stock.
Several other brokerages also recently commented on PPG. Argus upgraded shares of PPG Industries from a hold rating to a buy rating and boosted their price objective for the company from $110.61 to $136.00 in a research report on Wednesday, July 5th. Barclays PLC boosted their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the company an equal weight rating in a research report on Monday, April 24th. TheStreet upgraded shares of PPG Industries from a c+ rating to a b+ rating in a research report on Monday, May 22nd. Wells Fargo & Company downgraded shares of PPG Industries from an outperform rating to a market perform rating in a research report on Thursday, March 9th. Finally, Deutsche Bank AG restated a hold rating and set a $110.00 price objective (up from $102.00) on shares of PPG Industries in a research report on Sunday, April 23rd. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $113.93.
Shares of PPG Industries (NYSE PPG) traded up 0.32% during trading on Thursday, hitting $105.01. The stock had a trading volume of 846,636 shares. The stock’s 50-day moving average is $109.92 and its 200-day moving average is $106.01. The stock has a market capitalization of $26.93 billion, a P/E ratio of 27.63 and a beta of 1.54. PPG Industries has a 12-month low of $89.64 and a 12-month high of $113.67.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the previous year, the business earned $1.73 earnings per share. The company’s revenue was up .6% on a year-over-year basis. Analysts predict that PPG Industries will post $6.11 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.71%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio is presently 41.67%.
A number of hedge funds have recently bought and sold shares of the stock. Harbour Capital Advisors LLC increased its stake in PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after buying an additional 10,896 shares during the last quarter. Cable Hill Partners LLC increased its stake in PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock worth $103,000 after buying an additional 77 shares during the last quarter. Baystate Wealth Management LLC increased its stake in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock worth $109,000 after buying an additional 40 shares during the last quarter. V Wealth Management LLC bought a new stake in PPG Industries during the second quarter worth $112,000. Finally, State of Alaska Department of Revenue bought a new stake in PPG Industries during the second quarter worth $113,000. Institutional investors and hedge funds own 71.78% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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