PPG Industries (NYSE:PPG) Price Target Cut to $148.00

PPG Industries (NYSE:PPG) had its price target decreased by stock analysts at Barclays from $149.00 to $148.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the specialty chemicals company’s stock. Barclays‘s target price points to a potential upside of 13.50% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. UBS Group reduced their target price on PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Evercore ISI cut PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price target on the stock. in a research note on Monday. Deutsche Bank Aktiengesellschaft reduced their price target on PPG Industries from $160.00 to $155.00 and set a “buy” rating on the stock in a research note on Monday. Bank of America reduced their price target on PPG Industries from $167.00 to $164.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Vertical Research raised PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $155.50.

PPG Industries Price Performance

PPG opened at $130.40 on Monday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.05 and a current ratio of 1.47. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89. The stock has a market capitalization of $30.69 billion, a PE ratio of 22.03, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. The stock’s 50 day moving average price is $140.00 and its 200-day moving average price is $138.97.

PPG Industries (NYSE:PPG) last posted its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.86. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the previous year, the firm earned $1.82 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts predict that PPG Industries will post 8.46 EPS for the current year.

PPG Industries announced that its Board of Directors has approved a share repurchase program on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was 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 $4,008,192.66. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.

Institutional Trading of PPG Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. J.W. Cole Advisors Inc. raised its stake in PPG Industries by 6.7% during the 4th quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company’s stock valued at $1,646,000 after purchasing an additional 690 shares during the period. FMR LLC raised its stake in PPG Industries by 11.0% during the 3rd quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company’s stock valued at $46,512,000 after purchasing an additional 35,571 shares during the period. Cerity Partners LLC raised its stake in PPG Industries by 137.5% during the 4th quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company’s stock valued at $5,224,000 after purchasing an additional 20,226 shares during the period. Nomura Holdings Inc. raised its stake in PPG Industries by 2.3% during the 3rd quarter. Nomura Holdings Inc. now owns 8,479 shares of the specialty chemicals company’s stock valued at $1,101,000 after purchasing an additional 192 shares during the period. Finally, Financial Counselors Inc. increased its stake in PPG Industries by 6.4% in the 3rd quarter. Financial Counselors Inc. now owns 1,883 shares of the specialty chemicals company’s stock worth $244,000 after acquiring an additional 114 shares during the last quarter. Institutional investors own 81.86% of the company’s stock.

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.