PPG Industries (NYSE:PPG) Given New $135.00 Price Target at Wells Fargo & Company

PPG Industries (NYSE:PPG) had its price objective lowered by Wells Fargo & Company from $150.00 to $135.00 in a report published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the specialty chemicals company’s stock.

Other equities analysts have also issued research reports about the stock. Mizuho lowered their price target on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. UBS Group lowered their price target on PPG Industries from $128.00 to $126.00 and set a “neutral” rating on the stock in a report on Friday. StockNews.com downgraded shares of PPG Industries from a “strong-buy” rating to a “buy” rating in a report on Friday, December 20th. Citigroup dropped their price target on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price objective (down from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.25.

PPG Industries Stock Down 2.9 %

PPG stock opened at $111.99 on Monday. The firm has a fifty day moving average price of $121.11 and a two-hundred day moving average price of $124.33. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. PPG Industries has a 1-year low of $110.20 and a 1-year high of $145.60. The firm has a market cap of $25.98 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 1.99 and a beta of 1.24.

PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. Research analysts predict that PPG Industries will post 7.9 EPS for the current year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Friday, February 21st. PPG Industries’s dividend payout ratio (DPR) is presently 57.51%.

Institutional Investors Weigh In On PPG Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in PPG. State Street Corp lifted its position in shares of PPG Industries by 4.4% in the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after buying an additional 491,774 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of PPG Industries by 5.7% in the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock worth $1,189,095,000 after acquiring an additional 485,597 shares during the period. Franklin Resources Inc. grew its holdings in shares of PPG Industries by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock worth $403,049,000 after purchasing an additional 170,339 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of PPG Industries by 0.6% during the third 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 purchasing an additional 15,161 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of PPG Industries by 2.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,170 shares of the specialty chemicals company’s stock valued at $248,650,000 after purchasing an additional 36,047 shares in the last quarter. 81.86% 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, 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.