PPG Industries (NYSE:PPG) Upgraded at StockNews.com

by · The Cerbat Gem

StockNews.com upgraded shares of PPG Industries (NYSE:PPG – Free Report) from a buy rating to a strong-buy rating in a report issued on Tuesday morning.

Several other brokerages have also recently weighed in on PPG. BMO Capital Markets restated an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. KeyCorp reduced their price objective on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Barclays dropped their target price on shares of PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, July 22nd. Royal Bank of Canada reduced their target price on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. decreased their price target on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $149.93.

Get Our Latest Report on PPG

PPG Industries Trading Up 1.1 %

NYSE PPG opened at $122.68 on Tuesday. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16. The business has a 50 day moving average price of $127.08 and a 200-day moving average price of $127.56. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77. The company has a market cap of $28.46 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 1.85 and a beta of 1.26.

PPG Industries (NYSE:PPG – Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the firm posted $2.07 EPS. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities analysts expect that PPG Industries will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is currently 43.11%.

Insider Buying and Selling at PPG Industries

In other news, VP Anne M. Foulkes sold 1,985 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the sale, the vice president now owns 13,454 shares of the company’s stock, valued at $1,692,513.20. The trade was a 12.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

A number of large investors have recently made changes to their positions in the stock. Covestor Ltd raised its position in shares of PPG Industries by 25.2% in the first quarter. Covestor Ltd now owns 582 shares of the specialty chemicals company’s stock worth $84,000 after buying an additional 117 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of PPG Industries by 62.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 15,410 shares of the specialty chemicals company’s stock worth $2,233,000 after acquiring an additional 5,930 shares in the last quarter. UniSuper Management Pty Ltd lifted its holdings in shares of PPG Industries by 347.2% in the 1st quarter. UniSuper Management Pty Ltd now owns 9,665 shares of the specialty chemicals company’s stock worth $1,400,000 after acquiring an additional 7,504 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of PPG Industries by 13.7% in the 1st quarter. National Bank of Canada FI now owns 119,924 shares of the specialty chemicals company’s stock valued at $16,229,000 after purchasing an additional 14,473 shares in the last quarter. Finally, Pitcairn Co. grew its holdings in shares of PPG Industries by 16.3% during the 1st quarter. Pitcairn Co. now owns 1,623 shares of the specialty chemicals company’s stock valued at $235,000 after purchasing an additional 228 shares during the last quarter. 81.86% of the stock is owned by institutional investors.

PPG Industries Company Profile

(Get Free Report)

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.

See Also