PPG Industries (NYSE:PPG) Hits New 1-Year Low Following Analyst Downgrade

PPG Industries, Inc. (NYSE:PPG)’s stock price hit a new 52-week low during mid-day trading on Monday after Royal Bank of Canada lowered their price target on the stock from $128.00 to $120.00. Royal Bank of Canada currently has a sector perform rating on the stock. PPG Industries traded as low as $112.68 and last traded at $111.15, with a volume of 109698 shares changing hands. The stock had previously closed at $115.38.

PPG has been the topic of several other research reports. BMO Capital Markets restated an “outperform” rating and set a $155.00 target price (down previously from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft dropped 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. Mizuho cut their target price on shares of PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday. 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, January 31st. Finally, Barclays cut their price objective on PPG Industries from $144.00 to $125.00 and set an “equal weight” rating for the company in a report on Monday. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, PPG Industries has an average rating of “Moderate Buy” and an average price target of $140.92.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PPG. State Street Corp boosted its stake 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 acquiring an additional 491,774 shares during the period. Wellington Management Group LLP increased its holdings in 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 valued at $1,189,095,000 after acquiring an additional 485,597 shares during the last quarter. FMR LLC lifted its stake in PPG Industries by 68.3% in the 3rd quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock worth $115,757,000 after purchasing an additional 354,740 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of PPG Industries by 189.6% during the 3rd quarter. International Assets Investment Management LLC now owns 426,834 shares of the specialty chemicals company’s stock valued at $56,538,000 after purchasing an additional 279,455 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of PPG Industries by 65.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 523,014 shares of the specialty chemicals company’s stock worth $62,474,000 after purchasing an additional 206,853 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Stock Down 0.7 %

The business has a 50-day moving average of $120.83 and a 200 day moving average of $124.19. The company has a market capitalization of $25.81 billion, a PE ratio of 23.52, a P/E/G ratio of 1.99 and a beta of 1.23. 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 (NYSE:PPG) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a return on equity of 23.78% and a net margin of 6.41%. Equities research analysts predict that PPG Industries, Inc. will post 7.9 earnings per share for the current year.

PPG Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Investors of record on Friday, February 21st will be given a $0.68 dividend. The ex-dividend date is Friday, February 21st. This represents a $2.72 annualized dividend and a yield of 2.44%. PPG Industries’s dividend payout ratio is currently 57.51%.

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.