PPG Industries (NYSE:PPG) Given New $164.00 Price Target at Bank of America

PPG Industries (NYSE:PPG) had its target price lowered by Bank of America from $167.00 to $164.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company’s stock.

PPG has been the topic of a number of other reports. Royal Bank of Canada dropped their price objective on shares of PPG Industries from $158.00 to $156.00 and set a sector perform rating on the stock in a research report on Monday, January 22nd. Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and raised their price target for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Citigroup lowered their price objective on PPG Industries from $170.00 to $161.00 and set a buy rating for the company in a research report on Wednesday, April 10th. Redburn Atlantic cut shares of PPG Industries from a buy rating to a neutral rating and set a $160.00 target price for the company. in a report on Thursday, February 1st. Finally, Robert W. Baird reiterated an outperform rating and set a $150.00 price target on shares of PPG Industries in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, PPG Industries currently has a consensus rating of Hold and a consensus price target of $155.50.

PPG Industries Stock Up 0.2 %

Shares of NYSE:PPG opened at $131.13 on Monday. The firm’s 50-day moving average is $140.16 and its two-hundred day moving average is $138.99. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05. PPG Industries has a 1 year low of $120.32 and a 1 year high of $152.89. The firm has a market capitalization of $30.86 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.82 EPS. Analysts predict that PPG Industries will post 8.46 EPS for the current year.

PPG Industries declared that its board has authorized a stock buyback plan on Thursday, April 18th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.98%. PPG Industries’s payout ratio is 43.92%.

Insider Buying and Selling at PPG Industries

In related news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PPG Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of PPG Industries by 11.9% during the third quarter. CWM LLC now owns 7,664 shares of the specialty chemicals company’s stock worth $995,000 after acquiring an additional 814 shares during the last quarter. Arkadios Wealth Advisors boosted its stake in shares of PPG Industries by 25.0% during the 3rd quarter. Arkadios Wealth Advisors now owns 1,863 shares of the specialty chemicals company’s stock valued at $242,000 after buying an additional 373 shares during the last quarter. Summit Global Investments grew its position in shares of PPG Industries by 30.7% during the third quarter. Summit Global Investments now owns 2,189 shares of the specialty chemicals company’s stock worth $284,000 after buying an additional 514 shares in the last quarter. Ziegler Capital Management LLC grew its holdings in PPG Industries by 4.5% during the 3rd quarter. Ziegler Capital Management LLC now owns 2,735 shares of the specialty chemicals company’s stock worth $355,000 after acquiring an additional 117 shares in the last quarter. Finally, DAVENPORT & Co LLC grew its stake in PPG Industries by 5.0% in the third quarter. DAVENPORT & Co LLC now owns 5,316 shares of the specialty chemicals company’s stock worth $690,000 after purchasing an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.

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.