Jefferies Group LLC Reiterates “Buy” Rating for PPG Industries, Inc. (PPG)
PPG Industries, Inc. (NYSE:PPG)‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group LLC in a research report issued on Friday. They presently have a $120.00 target price on the specialty chemicals company’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 12.89% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird reaffirmed a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a report on Friday, September 1st. Deutsche Bank AG upped their target price on shares of PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a report on Friday, July 21st. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and upped their target price for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. TheStreet raised shares of PPG Industries from a “c+” rating to a “b+” rating in a report on Monday, May 22nd. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $114.00 target price (up from $109.00) on shares of PPG Industries in a report on Monday, July 17th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $115.19.
PPG Industries (PPG) opened at 106.30 on Friday. The company has a market capitalization of $27.26 billion, a price-to-earnings ratio of 27.97 and a beta of 1.55. PPG Industries has a 1-year low of $89.64 and a 1-year high of $113.67. The stock has a 50 day moving average price of $104.13 and a 200-day moving average price of $106.63.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.83. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. PPG Industries’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.73 EPS. Equities analysts predict that PPG Industries will post $6.10 earnings per share for the current year.
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In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the transaction, the insider now directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the transaction, the vice president now directly owns 52,748 shares in the company, valued at $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Harbour Capital Advisors LLC increased its holdings in shares of PPG Industries by 10,896.0% during the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after purchasing an additional 10,896 shares during the period. Bruderman Asset Management LLC bought a new position in shares of PPG Industries during the second quarter worth approximately $105,000. V Wealth Management LLC bought a new position in shares of PPG Industries during the second quarter worth approximately $112,000. State of Alaska Department of Revenue bought a new position in shares of PPG Industries during the second quarter worth approximately $113,000. Finally, Global X Management Co. LLC increased its holdings in shares of PPG Industries by 26.7% during the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares during the period. 74.17% of the stock is currently owned by institutional investors.
PPG Industries Company Profile
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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