PPG Industries (NYSE:PPG) PT Lowered to $162.00

PPG Industries (NYSE:PPG) had its price objective cut by KeyCorp from $164.00 to $162.00 in a report published on Monday morning, Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock.

A number of other brokerages have also recently weighed in on PPG. Vertical Research upgraded shares of PPG Industries from a hold rating to a buy rating in a report on Wednesday, January 3rd. Evercore ISI cut shares of PPG Industries from an outperform rating to an in-line rating and set a $152.00 price target for the company. in a report on Monday. Royal Bank of Canada lowered their price target on shares of PPG Industries from $158.00 to $156.00 and set a sector perform rating for the company in a report on Monday, January 22nd. Robert W. Baird reiterated an outperform rating and set a $150.00 price target on shares of PPG Industries in a report on Friday, January 19th. Finally, Redburn Atlantic cut shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 price target for the company. in a report on Thursday, February 1st. One 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. Based on data from MarketBeat, PPG Industries presently has a consensus rating of Hold and an average price target of $155.47.

PPG Industries Price Performance

PPG Industries stock opened at $129.23 on Monday. The company’s 50 day simple moving average is $139.54 and its 200-day simple moving average is $138.85. The company has a market capitalization of $30.30 billion, a price-to-earnings ratio of 21.83, a price-to-earnings-growth ratio of 1.62 and a beta of 1.28. PPG Industries has a 1 year low of $120.32 and a 1 year high of $152.89. 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 (NYSE:PPG) last announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.86. The firm 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%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.82 earnings per share. As a group, equities research analysts expect that PPG Industries will post 8.45 earnings per share for the current year.

PPG Industries announced that its board has approved a stock repurchase plan on Thursday, April 18th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are 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 given a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 annualized dividend and a yield of 2.01%. PPG Industries’s dividend payout ratio (DPR) is 43.92%.

Insider Activity at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the company’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 completion of the sale, the chief financial officer now owns 28,439 shares in the company, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On PPG Industries

Large investors have recently bought and sold shares of the company. Valued Wealth Advisors LLC purchased a new position in PPG Industries during the 4th quarter worth $26,000. Private Wealth Management Group LLC purchased a new position in PPG Industries during the 4th quarter worth $27,000. SJS Investment Consulting Inc. grew its stake in shares of PPG Industries by 588.5% during the 4th quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 153 shares during the period. CVA Family Office LLC acquired a new position in shares of PPG Industries during the 4th quarter worth $28,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of PPG Industries during the 4th quarter worth $29,000. Hedge funds and other 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.