PPG Industries (NYSE:PPG) PT Lowered to $161.00 at Citigroup

PPG Industries (NYSE:PPGFree Report) had its price objective reduced by Citigroup from $170.00 to $161.00 in a research note published on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the specialty chemicals company’s stock.

PPG has been the subject of several other research reports. Wolfe Research began coverage on shares of PPG Industries in a research note on Friday, March 1st. They issued a peer perform rating for the company. Vertical Research upgraded PPG Industries from a hold rating to a buy rating in a research report on Wednesday, January 3rd. Royal Bank of Canada dropped their target price on PPG Industries from $158.00 to $156.00 and set a sector perform rating for the company in a research report on Monday, January 22nd. Barclays cut PPG Industries from an overweight rating to an equal weight rating and reduced their price target for the stock from $163.00 to $149.00 in a report on Tuesday, February 27th. Finally, Robert W. Baird reiterated an outperform rating and issued a $150.00 price objective on shares of PPG Industries in a report on Friday, January 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, PPG Industries currently has a consensus rating of Moderate Buy and a consensus target price of $158.40.

Read Our Latest Stock Report on PPG Industries

PPG Industries Trading Down 2.3 %

Shares of PPG opened at $134.43 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.05 and a current ratio of 1.47. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89. The firm has a market cap of $31.64 billion, a price-to-earnings ratio of 25.17, a PEG ratio of 1.64 and a beta of 1.28. The business’s fifty day moving average is $140.87 and its 200-day moving average is $138.79.

PPG Industries (NYSE:PPGGet Free Report) last released its earnings results on Friday, January 19th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.04. The firm had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.27 billion. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.22 earnings per share. Equities analysts anticipate that PPG Industries will post 8.46 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Thursday, February 15th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Thursday, February 15th. PPG Industries’s dividend payout ratio (DPR) is presently 48.69%.

Insider Activity

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in PPG Industries during the 3rd quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new stake in shares of PPG Industries in the fourth quarter worth $26,000. SJS Investment Consulting Inc. raised its position in shares of PPG Industries by 588.5% in the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after buying an additional 153 shares in the last quarter. Private Wealth Management Group LLC bought a new stake in PPG Industries during the fourth quarter valued at $27,000. Finally, CVA Family Office LLC purchased a new position in PPG Industries during the fourth quarter worth about $28,000. 81.86% of the stock is currently owned by institutional investors.

About PPG Industries

(Get Free Report)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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