PPG Industries (PPG) Reaches New 12-Month Low on Analyst Downgrade

PPG Industries, Inc. (NYSE:PPG) reached a new 52-week low on Friday after KeyCorp lowered their price target on the stock from $128.00 to $119.00. KeyCorp currently has an overweight rating on the stock. PPG Industries traded as low as $95.83 and last traded at $94.73, with a volume of 79145 shares trading hands. The stock had previously closed at $96.38.

PPG has been the topic of a number of other reports. JPMorgan Chase & Co. cut PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price objective on the stock. in a research note on Friday, July 27th. They noted that the move was a valuation call. Zacks Investment Research cut PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. Vertical Research cut PPG Industries from a “buy” rating to a “hold” rating in a research note on Tuesday. Citigroup reduced their price objective on PPG Industries from $113.00 to $103.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Royal Bank of Canada reduced their price objective on PPG Industries to $105.00 and set a “sector perform” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company. PPG Industries presently has a consensus rating of “Hold” and an average target price of $118.71.

Several hedge funds and other institutional investors have recently bought and sold shares of PPG. McKinley Carter Wealth Services Inc. bought a new stake in shares of PPG Industries in the first quarter worth about $104,000. Cornerstone Wealth Management LLC bought a new stake in shares of PPG Industries in the second quarter worth about $105,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of PPG Industries in the first quarter worth about $112,000. Summit Trail Advisors LLC grew its stake in shares of PPG Industries by 11,166.0% in the first quarter. Summit Trail Advisors LLC now owns 118,631 shares of the specialty chemicals company’s stock worth $119,000 after purchasing an additional 117,578 shares during the last quarter. Finally, Fort L.P. bought a new stake in shares of PPG Industries in the second quarter worth about $120,000. 76.64% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 1.01, a current ratio of 1.70 and a quick ratio of 1.22. The company has a market capitalization of $26.41 billion, a PE ratio of 16.20, a PEG ratio of 2.11 and a beta of 1.50.

PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.88 by $0.02. The company had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.12 billion. PPG Industries had a return on equity of 27.36% and a net margin of 9.87%. PPG Industries’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $1.83 earnings per share. On average, equities analysts anticipate that PPG Industries, Inc. will post 6.2 EPS for the current fiscal year.

About PPG Industries (NYSE:PPG)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

Recommended Story: Return on Equity (ROE)

Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply