PPG Industries (NYSE:PPG) PT Lowered to $161.00

PPG Industries (NYSE:PPG) had its price objective reduced by BMO Capital Markets from $165.00 to $161.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an outperform rating on the specialty chemicals company’s stock.

A number of other research firms have also recently issued reports on PPG. Evercore ISI cut PPG Industries from an outperform rating to an in-line rating and set a $152.00 price objective for the company. in a research report on Monday, April 22nd. Barclays reduced their price objective on shares of PPG Industries from $148.00 to $144.00 and set an equal weight rating for the company in a research report on Monday. UBS Group upped their price objective on shares of PPG Industries from $140.00 to $142.00 and gave the company a neutral rating in a report on Friday, July 19th. Wells Fargo & Company upgraded shares of PPG Industries from an equal weight rating to an overweight rating and raised their target price for the stock from $150.00 to $163.00 in a research note on Thursday, April 11th. Finally, StockNews.com upgraded shares of PPG Industries from a hold rating to a buy rating in a research note on Tuesday, April 30th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $151.08.

PPG Industries Stock Up 0.6 %

PPG stock opened at $125.96 on Monday. The company has a market cap of $29.39 billion, a price-to-earnings ratio of 21.28, a P/E/G ratio of 1.69 and a beta of 1.26. PPG Industries has a twelve month low of $120.32 and a twelve month high of $151.16. The business has a 50 day moving average price of $128.93 and a two-hundred day moving average price of $135.76. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.02. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.93 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $2.25 earnings per share. Analysts anticipate that PPG Industries will post 8.26 EPS for the current fiscal year.

PPG Industries announced that its board has authorized a share repurchase plan on Thursday, April 18th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

PPG Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 12th will be paid a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Monday, August 12th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.65. PPG Industries’s dividend payout ratio (DPR) is 43.92%.

Insider Buying and Selling

In other news, CEO Timothy M. Knavish acquired 2,061 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was acquired at an average price of $133.24 per share, with a total value of $274,607.64. Following the completion of the transaction, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,774,388.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On PPG Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PPG. Advisor Resource Council bought a new stake in shares of PPG Industries during the 4th quarter worth $265,000. Mutual Advisors LLC boosted its stake in shares of PPG Industries by 10.8% in the 4th quarter. Mutual Advisors LLC now owns 1,887 shares of the specialty chemicals company’s stock valued at $282,000 after purchasing an additional 184 shares in the last quarter. HB Wealth Management LLC boosted its stake in shares of PPG Industries by 1.2% in the 4th quarter. HB Wealth Management LLC now owns 14,974 shares of the specialty chemicals company’s stock valued at $2,239,000 after purchasing an additional 173 shares in the last quarter. CVA Family Office LLC bought a new stake in shares of PPG Industries during the 4th quarter valued at approximately $28,000. Finally, Kingswood Wealth Advisors LLC acquired a new position in PPG Industries during the 4th quarter worth approximately $210,000. 81.86% of the stock is currently owned by 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.