PPG Industries (NYSE:PPG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports. The brokerage presently has a $125.00 target price on the specialty chemicals company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.84% from the stock’s previous close.
According to Zacks, “PPG Industries’ adjusted earnings for the first quarter of 2019 beat the Zacks Consensus Estimate, while sales trailed the same. The company reaffirmed its sales and adjusted earnings growth targets for 2019. It is executing an aggressive cost cutting and restructuring strategy. Cost savings from restructuring actions is likely to boost the company’s margins in 2019. Also, the company is committed to deploy cash on acquisitions and share repurchases. PPG Industries is also taking steps to grow its business inorganically. Acquisitions should contribute to its sales in 2019. The company has also outperformed the industry it belongs to in the past one year. “
A number of other equities research analysts have also recently commented on the stock. BMO Capital Markets upped their target price on shares of PPG Industries from $112.00 to $113.00 and gave the company a “market perform” rating in a report on Wednesday, May 1st. Barclays upped their target price on shares of PPG Industries from $115.00 to $120.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. Buckingham Research upped their target price on shares of PPG Industries from $108.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Deutsche Bank upped their target price on shares of PPG Industries from $120.00 to $134.00 and gave the company a “buy” rating in a report on Monday, April 22nd. They noted that the move was a valuation call. Finally, KeyCorp upped their target price on shares of PPG Industries from $117.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $117.89.
Shares of PPG opened at $111.77 on Friday. PPG Industries has a 1-year low of $94.37 and a 1-year high of $121.29. The firm has a market capitalization of $26.39 billion, a P/E ratio of 19.01, a P/E/G ratio of 1.95 and a beta of 1.19. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.40 and a quick ratio of 0.97.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, April 18th. The specialty chemicals company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.17. PPG Industries had a net margin of 8.67% and a return on equity of 28.72%. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.69 billion. During the same period in the prior year, the company earned $1.39 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. As a group, sell-side analysts predict that PPG Industries will post 6.31 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Savant Capital LLC raised its holdings in PPG Industries by 2.0% during the first quarter. Savant Capital LLC now owns 4,493 shares of the specialty chemicals company’s stock worth $507,000 after purchasing an additional 90 shares in the last quarter. Wetherby Asset Management Inc. raised its holdings in PPG Industries by 2.1% during the fourth quarter. Wetherby Asset Management Inc. now owns 4,655 shares of the specialty chemicals company’s stock worth $476,000 after purchasing an additional 96 shares in the last quarter. UNIVEST FINANCIAL Corp raised its holdings in PPG Industries by 2.5% during the first quarter. UNIVEST FINANCIAL Corp now owns 3,925 shares of the specialty chemicals company’s stock worth $443,000 after purchasing an additional 97 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in PPG Industries by 1.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,422 shares of the specialty chemicals company’s stock worth $656,000 after purchasing an additional 103 shares in the last quarter. Finally, Ballentine Partners LLC raised its holdings in PPG Industries by 0.8% during the first quarter. Ballentine Partners LLC now owns 13,266 shares of the specialty chemicals company’s stock worth $1,497,000 after purchasing an additional 106 shares in the last quarter. 79.33% of the stock is owned by hedge funds and other institutional investors.
PPG Industries Company Profile
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.
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