PPG Industries, Inc. (PPG) Price Target Raised to $114.00 at Citigroup Inc.
PPG Industries, Inc. (NYSE:PPG) had its price target hoisted by investment analysts at Citigroup Inc. from $112.00 to $114.00 in a note issued to investors on Monday. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup Inc.’s target price suggests a potential upside of 4.91% from the stock’s previous close.
Several other equities research analysts have also issued reports on PPG. Zacks Investment Research cut PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. Jefferies Group LLC reaffirmed a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research report on Friday, September 15th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $109.00 price objective on shares of PPG Industries in a research report on Wednesday, September 13th. Robert W. Baird reiterated a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research note on Friday, September 1st. Finally, KeyCorp reiterated a “buy” rating and issued a $125.00 target price on shares of PPG Industries in a research note on Friday, August 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and an average target price of $115.31.
PPG Industries (PPG) opened at 108.66 on Monday. The stock has a market cap of $27.87 billion, a price-to-earnings ratio of 28.59 and a beta of 1.55. The company has a 50-day moving average of $104.24 and a 200 day moving average of $106.76. PPG Industries has a 12-month low of $89.64 and a 12-month high of $113.67.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter last year, the firm earned $1.73 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. Equities analysts anticipate that PPG Industries will post $6.05 earnings per share for the current year.
In other PPG Industries news, 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 value of $1,997,049.60. Following the sale, the vice president now owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $1,907,953.84. Following the completion of the sale, the insider now directly owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of PPG Industries by 1.6% in the second quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock valued at $2,171,845,000 after acquiring an additional 310,086 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of PPG Industries by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock worth $1,948,708,000 after acquiring an additional 216,278 shares during the last quarter. BlackRock Inc. grew its stake in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock worth $1,533,684,000 after acquiring an additional 13,902,595 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of PPG Industries by 4.7% in the first quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock worth $524,545,000 after acquiring an additional 222,376 shares during the last quarter. Finally, Lazard Asset Management LLC grew its stake in shares of PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock worth $442,716,000 after acquiring an additional 3,643,443 shares during the last quarter. Institutional investors own 73.92% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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