PPG Industries (NYSE:PPG) Given New $145.00 Price Target at Citigroup

PPG Industries (NYSE:PPG) had its price target lowered by analysts at Citigroup from $150.00 to $145.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price target would indicate a potential upside of 21.32% from the company’s previous close.

A number of other research firms have also issued reports on PPG. JPMorgan Chase & Co. lowered their target price on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. Mizuho lowered their price objective on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. StockNews.com upgraded shares of PPG Industries from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 12th. BMO Capital Markets restated an “outperform” rating and set a $155.00 target price (down from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Finally, Royal Bank of Canada dropped their price target on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, PPG Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.29.

PPG Industries Trading Down 1.4 %

Shares of NYSE:PPG opened at $119.52 on Wednesday. The company has a 50 day moving average of $125.15 and a 200-day moving average of $126.33. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm has a market cap of $27.73 billion, a P/E ratio of 18.94, a P/E/G ratio of 1.90 and a beta of 1.24. PPG Industries has a twelve month low of $118.07 and a twelve month high of $150.82.

PPG Industries (NYSE:PPG) last released its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The firm had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the company earned $2.07 earnings per share. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. As a group, analysts anticipate that PPG Industries will post 8.18 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the sale, the vice president now directly owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. This represents a 12.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of PPG Industries

A number of hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. increased its stake in PPG Industries by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock valued at $403,049,000 after buying an additional 170,339 shares during the period. Tidal Investments LLC grew its holdings in shares of PPG Industries by 1.2% during the 3rd quarter. Tidal Investments LLC now owns 13,306 shares of the specialty chemicals company’s stock valued at $1,763,000 after acquiring an additional 162 shares in the last quarter. Wilmington Savings Fund Society FSB increased its stake in shares of PPG Industries by 69.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 54,004 shares of the specialty chemicals company’s stock worth $7,153,000 after acquiring an additional 22,198 shares during the last quarter. Toronto Dominion Bank raised its holdings in shares of PPG Industries by 5.3% during the third quarter. Toronto Dominion Bank now owns 134,028 shares of the specialty chemicals company’s stock worth $17,753,000 after acquiring an additional 6,756 shares in the last quarter. Finally, Barclays PLC boosted its position in PPG Industries by 21.0% during the third quarter. Barclays PLC now owns 1,142,045 shares of the specialty chemicals company’s stock valued at $151,276,000 after purchasing an additional 198,353 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

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.