Citigroup Inc. Raises PPG Industries, Inc. (PPG) Price Target to $114.00
PPG Industries, Inc. (NYSE:PPG) had its price objective upped by Citigroup Inc. from $112.00 to $114.00 in a report issued on Monday. They currently have a buy rating on the specialty chemicals company’s stock.
Several other equities analysts have also commented on the stock. Zacks Investment Research lowered shares of PPG Industries from a hold rating to a sell rating in a research report on Monday, September 25th. Jefferies Group LLC reiterated a buy rating and set a $120.00 price objective on shares of PPG Industries in a research report on Friday, September 15th. Royal Bank Of Canada reiterated a hold rating and set a $109.00 price objective on shares of PPG Industries in a research report on Wednesday, September 13th. Robert W. Baird reiterated a buy rating and set a $115.00 price objective on shares of PPG Industries in a research report on Friday, September 1st. Finally, KeyCorp reiterated a buy rating and set a $125.00 price objective on shares of PPG Industries in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. PPG Industries has an average rating of Hold and a consensus target price of $115.31.
Shares of PPG Industries (NYSE:PPG) opened at 112.26 on Monday. The firm has a 50-day moving average of $106.09 and a 200 day moving average of $107.25. The company has a market capitalization of $28.79 billion, a P/E ratio of 29.53 and a beta of 1.55. PPG Industries has a 1-year low of $89.64 and a 1-year high of $113.67.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the business earned $1.73 earnings per share. PPG Industries’s quarterly revenue was up .6% compared to the same quarter last year. On average, analysts anticipate that PPG Industries will post $6.03 EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio (DPR) is currently 46.88%.
In related news, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $100.80, for a total value of $1,997,049.60. Following the transaction, the vice president now owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the completion of the transaction, the insider now directly owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in PPG Industries by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock worth $2,171,845,000 after buying an additional 310,086 shares during the period. Massachusetts Financial Services Co. MA increased its stake in PPG Industries by 1.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock worth $1,948,708,000 after buying an additional 216,278 shares during the period. BlackRock Inc. increased its stake in PPG Industries by 2,006.8% in the 1st quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock worth $1,533,684,000 after buying an additional 13,902,595 shares during the period. Clearbridge Investments LLC increased its stake in PPG Industries by 4.7% in the 1st quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock worth $524,545,000 after buying an additional 222,376 shares during the period. Finally, Lazard Asset Management LLC increased its stake in PPG Industries by 639.5% in the 1st quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock worth $442,716,000 after buying an additional 3,643,443 shares during the period. 73.92% of the stock is currently owned by institutional investors.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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