Citigroup Forecasts Strong Price Appreciation for PPG Industries (NYSE:PPG) Stock

PPG Industries (NYSE:PPG) had its price objective upped by analysts at Citigroup from $125.00 to $130.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price target suggests a potential upside of 17.81% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Argus downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, March 10th. Seaport Res Ptn cut shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Bank of America reissued a “neutral” rating and issued a $126.00 price target (down previously from $143.00) on shares of PPG Industries in a research note on Tuesday, April 15th. UBS Group increased their price objective on shares of PPG Industries from $110.00 to $111.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of PPG Industries from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $129.83.

PPG Industries Trading Down 2.4%

Shares of PPG Industries stock opened at $110.35 on Friday. The firm has a market cap of $25.05 billion, a price-to-earnings ratio of 23.33, a PEG ratio of 2.19 and a beta of 1.17. The business has a 50-day moving average price of $107.39 and a 200-day moving average price of $113.62. PPG Industries has a twelve month low of $90.24 and a twelve month high of $137.24. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last posted its earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.10. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.67 billion. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.87 earnings per share. Equities research analysts anticipate that PPG Industries will post 7.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. PUREfi Wealth LLC purchased a new stake in shares of PPG Industries in the fourth quarter valued at about $279,000. Vanguard Group Inc. boosted its holdings in shares of PPG Industries by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company’s stock valued at $3,508,210,000 after acquiring an additional 756,937 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of PPG Industries in the fourth quarter valued at about $2,543,000. FourThought Financial Partners LLC purchased a new stake in PPG Industries during the fourth quarter worth about $458,000. Finally, Empowered Funds LLC boosted its holdings in PPG Industries by 20.9% during the fourth quarter. Empowered Funds LLC now owns 24,828 shares of the specialty chemicals company’s stock worth $2,966,000 after buying an additional 4,287 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

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.