PPG Industries (NYSE:PPG) PT Lowered to $155.00 at Deutsche Bank Aktiengesellschaft

PPG Industries (NYSE:PPG) had its price target lowered by Deutsche Bank Aktiengesellschaft from $160.00 to $155.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company’s stock.

A number of other equities analysts have also recently issued reports on PPG. Wolfe Research started coverage on PPG Industries in a report on Friday, March 1st. They set a peer perform rating on the stock. Bank of America cut their target price on shares of PPG Industries from $167.00 to $164.00 and set a buy rating on the stock in a research note on Monday. Redburn Atlantic downgraded PPG Industries from a buy rating to a neutral rating and set a $160.00 price target on the stock. in a research note on Thursday, February 1st. Citigroup cut their target price on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a report on Wednesday, April 10th. Finally, Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and lifted their price target for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $155.47.

PPG Industries Stock Performance

NYSE:PPG opened at $129.23 on Monday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.55. PPG Industries has a fifty-two week low of $120.32 and a fifty-two week high of $152.89. The company has a 50 day simple moving average of $139.54 and a two-hundred day simple moving average of $138.85. The company has a market capitalization of $30.30 billion, a PE ratio of 21.83, a P/E/G ratio of 1.62 and a beta of 1.28.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. PPG Industries’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.82 earnings per share. Research analysts anticipate that PPG Industries will post 8.45 earnings per share for the current year.

PPG Industries announced that its board has initiated a stock repurchase program on Thursday, April 18th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

PPG Industries Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Thursday, May 9th. PPG Industries’s payout ratio is currently 43.92%.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Valued Wealth Advisors LLC purchased a new stake in shares of PPG Industries in the 4th quarter valued at about $26,000. Private Wealth Management Group LLC bought a new stake in PPG Industries during the fourth quarter valued at approximately $27,000. SJS Investment Consulting Inc. lifted its position in 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 purchasing an additional 153 shares during the last quarter. CVA Family Office LLC purchased a new position in shares of PPG Industries during the fourth quarter worth approximately $28,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of PPG Industries in the 4th quarter valued at $29,000. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

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.