PPG Industries (NYSE:PPG) Given New $164.00 Price Target at Bank of America

PPG Industries (NYSE:PPG) had its price objective cut by research analysts at Bank of America from $167.00 to $164.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. Bank of America‘s target price would indicate a potential upside of 25.77% from the company’s current price.

Several other research firms also recently commented on PPG. Redburn Atlantic downgraded PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 price objective for the company. in a research note on Thursday, February 1st. Barclays downgraded PPG Industries from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $163.00 to $149.00 in a research note on Tuesday, February 27th. Royal Bank of Canada reduced their price objective on PPG Industries from $158.00 to $156.00 and set a “sector perform” rating for the company in a research note on Monday, January 22nd. Evercore ISI downgraded PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price objective for the company. in a research note on Monday. Finally, Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $155.50.

PPG Industries Trading Down 0.6 %

Shares of PPG stock opened at $130.40 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05. The company has a market cap of $30.69 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 1.56 and a beta of 1.28. The stock has a 50 day simple moving average of $140.00 and a 200-day simple moving average of $138.97. PPG Industries has a 1-year low of $120.32 and a 1-year high of $152.89.

PPG Industries (NYSE:PPG) last announced its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the prior year, the company posted $1.82 EPS. The business’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts expect that PPG Industries will post 8.46 EPS for the current fiscal year.

PPG Industries declared that its board has authorized a share repurchase program on Thursday, April 18th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

A number of hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in PPG Industries during the 4th quarter valued at about $554,685,000. Vanguard Group Inc. boosted its holdings in PPG Industries by 17.2% during the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock valued at $3,661,083,000 after acquiring an additional 3,600,558 shares during the period. Invesco Ltd. boosted its holdings in PPG Industries by 41.1% during the 3rd quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock valued at $427,580,000 after acquiring an additional 959,849 shares during the period. Assenagon Asset Management S.A. boosted its holdings in PPG Industries by 4,484.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock valued at $108,228,000 after acquiring an additional 707,903 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in PPG Industries during the 4th quarter valued at about $74,492,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Company Profile

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.