PPG Industries, Inc. (NYSE:PPG – Get Free Report) has earned an average recommendation of “Moderate Buy” from the seventeen analysts that are covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $149.93.
A number of brokerages recently weighed in on PPG. JPMorgan Chase & Co. dropped their price objective on PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a report on Friday, October 18th. KeyCorp dropped their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Mizuho lowered their target price on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Barclays lowered their target price on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, July 22nd. Finally, Royal Bank of Canada lowered their target price on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 22nd.
Check Out Our Latest Analysis on PPG Industries
PPG Industries Price Performance
PPG Industries (NYSE:PPG – Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The business had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the company earned $2.07 EPS. The company’s revenue was down 1.5% on a year-over-year basis. Equities analysts predict that PPG Industries will post 8.19 earnings per share for the current year.
PPG Industries Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be given a dividend of $0.68 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.72 annualized dividend and a yield of 2.16%. PPG Industries’s dividend payout ratio (DPR) is presently 43.11%.
Insider Buying and Selling
In related news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the transaction, the vice president now directly owns 13,454 shares in the company, valued at approximately $1,692,513.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On PPG Industries
Large investors have recently modified their holdings of the company. Vest Financial LLC raised its holdings in shares of PPG Industries by 28.9% in the 2nd quarter. Vest Financial LLC now owns 337,726 shares of the specialty chemicals company’s stock worth $42,516,000 after purchasing an additional 75,620 shares during the period. BDF Gestion purchased a new position in shares of PPG Industries in the 2nd quarter worth about $3,452,000. State Board of Administration of Florida Retirement System raised its holdings in shares of PPG Industries by 8.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 274,143 shares of the specialty chemicals company’s stock worth $36,620,000 after purchasing an additional 22,079 shares during the period. Vanguard Group Inc. raised its holdings in shares of PPG Industries by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock worth $4,159,074,000 after purchasing an additional 4,222,402 shares during the period. Finally, Ritholtz Wealth Management purchased a new position in shares of PPG Industries in the 3rd quarter worth about $604,000. 81.86% of the stock is currently 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.
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