PPG Industries (NYSE:PPG) Price Target Cut to $162.00 by Analysts at KeyCorp

PPG Industries (NYSE:PPG) had its price target decreased by KeyCorp from $164.00 to $162.00 in a research report released on Monday, Benzinga reports. KeyCorp currently has an overweight rating on the specialty chemicals company’s stock.

Other research analysts have also recently issued reports about the company. Citigroup lowered their price target on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a report on Wednesday, April 10th. UBS Group dropped their target price on shares of PPG Industries from $156.00 to $150.00 and set a neutral rating for the company in a research report on Friday. Royal Bank of Canada reduced their price target on shares of PPG Industries from $158.00 to $156.00 and set a sector perform rating on the stock in a report on Monday, January 22nd. Wells Fargo & Company upgraded PPG Industries from an equal weight rating to an overweight rating and raised their price objective for the company from $150.00 to $163.00 in a research report on Thursday, April 11th. Finally, Redburn Atlantic cut PPG Industries from a buy rating to a neutral rating and set a $160.00 target price on the stock. in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $155.50.

PPG Industries Stock Up 0.2 %

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

PPG Industries (NYSE:PPG) last released its earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, hitting analysts’ consensus estimates of $1.86. The company had revenue of $4.31 billion for 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 business earned $1.82 EPS. As a group, equities analysts forecast that PPG Industries will post 8.46 EPS for the current year.

PPG Industries Announces Dividend

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

PPG Industries declared that its board has initiated a share buyback plan on Thursday, April 18th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to buy up to 8.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Institutional Trading of PPG Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wedmont Private Capital grew its stake in PPG Industries by 2.9% in the fourth quarter. Wedmont Private Capital now owns 2,464 shares of the specialty chemicals company’s stock worth $363,000 after purchasing an additional 70 shares in the last quarter. Barrett & Company Inc. lifted its holdings in shares of PPG Industries by 10.6% in the 4th quarter. Barrett & Company Inc. now owns 763 shares of the specialty chemicals company’s stock worth $114,000 after buying an additional 73 shares during the period. FinTrust Capital Advisors LLC grew its position in shares of PPG Industries by 38.6% during the 4th quarter. FinTrust Capital Advisors LLC now owns 273 shares of the specialty chemicals company’s stock worth $41,000 after buying an additional 76 shares in the last quarter. CWA Asset Management Group LLC increased its stake in shares of PPG Industries by 2.0% during the third quarter. CWA Asset Management Group LLC now owns 4,052 shares of the specialty chemicals company’s stock valued at $526,000 after buying an additional 78 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of PPG Industries by 20.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 462 shares of the specialty chemicals company’s stock valued at $69,000 after acquiring an additional 80 shares in the last quarter. 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.