PPG Industries, Inc. (PPG) Given Consensus Recommendation of “Hold” by Analysts
Shares of PPG Industries, Inc. (NYSE:PPG) have received an average recommendation of “Hold” from the nineteen research firms that are covering the company, MarketBeat Ratings reports. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $123.67.
Several equities research analysts have recently issued reports on PPG shares. Bank of America set a $120.00 target price on PPG Industries and gave the company a “hold” rating in a research report on Friday, October 20th. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, December 20th. Citigroup raised their target price on PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Robert W. Baird raised their target price on PPG Industries from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, October 20th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $115.00 target price on shares of PPG Industries in a research report on Wednesday, January 17th.
Shares of PPG Industries (PPG) traded up $1.76 during trading on Friday, hitting $116.32. The stock had a trading volume of 1,283,813 shares, compared to its average volume of 1,767,504. PPG Industries has a 1 year low of $100.34 and a 1 year high of $122.07. The stock has a market cap of $29,150.00, a price-to-earnings ratio of 21.34, a PEG ratio of 1.99 and a beta of 1.59. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68.
PPG Industries announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is currently 33.03%.
A number of institutional investors and hedge funds have recently made changes to their positions in PPG. G&S Capital LLC purchased a new stake in PPG Industries in the 4th quarter worth about $110,000. Cerebellum GP LLC purchased a new stake in PPG Industries in the 4th quarter worth about $128,000. SeaCrest Wealth Management LLC purchased a new position in PPG Industries during the 4th quarter valued at about $132,000. Crewe Advisors LLC purchased a new position in PPG Industries during the 4th quarter valued at about $136,000. Finally, NuWave Investment Management LLC purchased a new position in PPG Industries during the 4th quarter valued at about $150,000. 74.83% of the stock is owned by institutional investors.
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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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