PPG Industries (NYSE:PPG) Price Target Cut to $120.00 by Analysts at Royal Bank of Canada

PPG Industries (NYSE:PPG) had its target price decreased by Royal Bank of Canada from $128.00 to $120.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 6.56% from the stock’s current price.

Several other brokerages have also recently commented on PPG. Barclays reduced their price target on shares of PPG Industries from $144.00 to $125.00 and set an “equal weight” rating on the stock in a research report on Monday. KeyCorp cut PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 16th. BMO Capital Markets restated an “outperform” rating and issued a $155.00 price target (down from $160.00) on shares of PPG Industries in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft cut their target price on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. cut their price target on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, PPG Industries has a consensus rating of “Moderate Buy” and an average price target of $140.92.

PPG Industries Price Performance

PPG stock opened at $112.61 on Tuesday. The stock’s 50 day moving average is $120.59 and its two-hundred day moving average is $124.07. PPG Industries has a 52-week low of $110.20 and a 52-week high of $145.60. The company has a market capitalization of $26.13 billion, a PE ratio of 23.81, a P/E/G ratio of 1.99 and a beta of 1.23. 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 issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. Analysts predict that PPG Industries will post 7.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. PFW Advisors LLC acquired a new position in PPG Industries in the fourth quarter worth approximately $868,000. Equity Investment Corp increased its position in PPG Industries by 7.0% during the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock worth $86,006,000 after buying an additional 42,380 shares during the last quarter. Ritholtz Wealth Management acquired a new stake in shares of PPG Industries in the third quarter worth about $604,000. JGP Wealth Management LLC bought a new stake in shares of PPG Industries during the 4th quarter worth about $4,050,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of PPG Industries by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock valued at $340,654,000 after acquiring an additional 15,161 shares during the last quarter. 81.86% of the stock is 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.