PPG Industries (NYSE:PPG) Given a $115.00 Price Target at Credit Suisse Group
Credit Suisse Group set a $115.00 price target on PPG Industries (NYSE:PPG) in a report published on Friday morning, TipRanks reports. The brokerage currently has a hold rating on the specialty chemicals company’s stock.
Several other research firms have also recently weighed in on PPG. BMO Capital Markets reissued a hold rating and issued a $45.00 target price on shares of SAP in a research note on Wednesday, May 1st. Barclays set a $89.00 target price on shares of Franco Nevada and gave the company a hold rating in a research note on Friday. Royal Bank of Canada decreased their target price on shares of West Fraser Timber from C$77.00 to C$75.00 and set an outperform rating for the company in a research note on Monday. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research cut shares of GENEL ENERGY PL/ADR from a hold rating to a sell rating in a research note on Thursday, July 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $123.87.
Shares of PPG traded up $2.01 during mid-day trading on Friday, hitting $118.96. 1,775,028 shares of the company’s stock were exchanged, compared to its average volume of 1,276,641. The firm has a market capitalization of $27.86 billion, a P/E ratio of 20.09, a PEG ratio of 2.05 and a beta of 1.24. PPG Industries has a 52 week low of $94.37 and a 52 week high of $121.29. The stock has a 50-day moving average of $116.23. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.01 and a current ratio of 1.43.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be issued a dividend of $0.51 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, August 9th. This represents a $2.04 annualized dividend and a yield of 1.71%. PPG Industries’s dividend payout ratio (DPR) is currently 32.43%.
In other PPG Industries news, VP Vadlamannati Ramaprasad sold 13,904 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $117.12, for a total transaction of $1,628,436.48. Following the completion of the sale, the vice president now owns 29,617 shares of the company’s stock, valued at approximately $3,468,743.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Victoria F. Haynes sold 674 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $107.16, for a total value of $72,225.84. The disclosure for this sale can be found here. Insiders have sold a total of 17,078 shares of company stock valued at $1,967,862 in the last ninety days. Insiders own 0.37% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. American National Bank acquired a new stake in PPG Industries during the 2nd quarter valued at $25,000. Paragon Capital Management LLC acquired a new stake in PPG Industries during the 1st quarter valued at $29,000. Zions Bancorporation N.A. acquired a new stake in PPG Industries during the 1st quarter valued at $34,000. Berman Capital Advisors LLC lifted its holdings in PPG Industries by 49.5% during the 1st quarter. Berman Capital Advisors LLC now owns 323 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 107 shares during the last quarter. Finally, CX Institutional lifted its holdings in PPG Industries by 797.4% during the 1st quarter. CX Institutional now owns 341 shares of the specialty chemicals company’s stock valued at $38,000 after purchasing an additional 303 shares during the last quarter. 78.54% of the stock is owned by institutional investors and hedge funds.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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