Royal Bank of Canada Cuts PPG Industries (NYSE:PPG) Price Target to $141.00

PPG Industries (NYSE:PPG) had its target price lowered by Royal Bank of Canada from $156.00 to $141.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a sector perform rating on the specialty chemicals company’s stock.

Other equities analysts have also recently issued research reports about the stock. UBS Group dropped their price objective on shares of PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a research note on Friday, April 19th. Wolfe Research assumed coverage on shares of PPG Industries in a research report on Friday, March 1st. They set a peer perform rating for the company. Wells Fargo & Company upgraded shares of PPG Industries from an equal weight rating to an overweight rating and increased their target price for the stock from $150.00 to $163.00 in a research report on Thursday, April 11th. Evercore ISI cut shares of PPG Industries from an outperform rating to an in-line rating and set a $152.00 target price for the company. in a research report on Monday. Finally, Vertical Research upgraded shares of PPG Industries from a hold rating to a buy rating in a research report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $155.47.

PPG Industries Trading Up 0.1 %

Shares of PPG stock opened at $130.52 on Monday. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89. The stock has a market cap of $30.61 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 1.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.55. The firm has a fifty day moving average of $139.81 and a 200-day moving average of $138.91.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the prior year, the company posted $1.82 EPS. The business’s revenue was down 1.6% on a year-over-year basis. On average, equities research analysts forecast that PPG Industries will post 8.47 earnings per share for the current fiscal year.

PPG Industries declared that its board has authorized a stock repurchase program on Thursday, April 18th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire up to 8.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 10th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.99%. The ex-dividend date is Thursday, May 9th. PPG Industries’s payout ratio is 43.92%.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Adams Natural Resources Fund Inc. lifted its stake in PPG Industries by 8.9% in the first quarter. Adams Natural Resources Fund Inc. now owns 55,000 shares of the specialty chemicals company’s stock valued at $7,970,000 after buying an additional 4,500 shares in the last quarter. Simplicity Wealth LLC bought a new position in PPG Industries in the first quarter valued at approximately $930,000. Spire Wealth Management lifted its stake in PPG Industries by 3.8% in the first quarter. Spire Wealth Management now owns 3,931 shares of the specialty chemicals company’s stock valued at $570,000 after buying an additional 143 shares in the last quarter. Essex Financial Services Inc. lifted its stake in PPG Industries by 0.6% in the first quarter. Essex Financial Services Inc. now owns 13,266 shares of the specialty chemicals company’s stock valued at $1,922,000 after buying an additional 81 shares in the last quarter. Finally, Godsey & Gibb Inc. lifted its stake in PPG Industries by 4.4% in the first quarter. Godsey & Gibb Inc. now owns 2,584 shares of the specialty chemicals company’s stock valued at $374,000 after buying an additional 109 shares in the last quarter. Institutional investors own 81.86% of the company’s stock.

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.