PPG Industries (NYSE:PPG) PT Lowered to $150.00 at UBS Group

PPG Industries (NYSE:PPG) had its target price decreased by UBS Group from $156.00 to $150.00 in a report issued on Friday morning, Benzinga reports. UBS Group currently has a neutral rating on the specialty chemicals company’s stock.

A number of other equities analysts have also recently commented on PPG. Wolfe Research began coverage on PPG Industries in a report on Friday, March 1st. They issued a peer perform rating on the stock. Royal Bank of Canada decreased their price target on PPG Industries from $158.00 to $156.00 and set a sector perform rating on the stock in a report on Monday, January 22nd. Robert W. Baird reissued an outperform rating and set a $150.00 price target on shares of PPG Industries in a report on Friday, January 19th. Wells Fargo & Company raised PPG Industries from an equal weight rating to an overweight rating and raised their price target for the company from $150.00 to $163.00 in a report on Thursday, April 11th. Finally, Redburn Atlantic cut PPG Industries from a buy rating to a neutral rating and set a $160.00 price target on the stock. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $155.50.

PPG Industries Price Performance

Shares of PPG Industries stock opened at $131.13 on Friday. PPG Industries has a one year low of $120.32 and a one year high of $152.89. The stock’s fifty day moving average is $140.16 and its 200 day moving average is $138.99. The stock has a market cap of $30.86 billion, a P/E ratio of 22.15, a P/E/G ratio of 1.56 and a beta of 1.28. 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 (NYSE:PPG) last announced its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same period last year, the firm earned $1.82 EPS. PPG Industries’s revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that PPG Industries will post 8.46 earnings per share for the current year.

PPG Industries announced that its Board of Directors has initiated a stock buyback program on Thursday, April 18th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be issued a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 annualized dividend and a dividend yield of 1.98%. PPG Industries’s dividend payout ratio (DPR) is 43.92%.

Insider Transactions at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the completion of the transaction, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

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

About PPG Industries

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.