PPG Industries (NYSE:PPG) Given New $115.00 Price Target at Wells Fargo & Company

PPG Industries (NYSE:PPG) had its target price decreased by stock analysts at Wells Fargo & Company from $130.00 to $115.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 16.72% from the stock’s previous close.

A number of other research analysts also recently weighed in on PPG. UBS Group decreased their price objective on shares of PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a research report on Friday, January 31st. StockNews.com cut PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, February 3rd. Royal Bank of Canada dropped their price objective on PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 4th. KeyCorp lowered PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 16th. Finally, Barclays reissued an “equal weight” rating on shares of PPG Industries in a research report on Monday, February 3rd. Nine equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, PPG Industries has an average rating of “Hold” and a consensus price target of $134.15.

PPG Industries Price Performance

PPG opened at $98.53 on Wednesday. The stock has a market cap of $22.36 billion, a P/E ratio of 20.83, a PEG ratio of 2.19 and a beta of 1.16. PPG Industries has a 52-week low of $90.24 and a 52-week high of $139.01. 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 business has a fifty day moving average of $111.04 and a 200 day moving average of $119.28.

PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. As a group, sell-side analysts anticipate that PPG Industries will post 7.95 EPS for the current year.

Insider Activity at PPG Industries

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction on Friday, February 14th. The shares were sold at an average price of $118.35, for a total value of $568,080.00. Following the transaction, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,240,835.55. The trade was a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its holdings in PPG Industries by 10.0% during the third quarter. Janus Henderson Group PLC now owns 36,422 shares of the specialty chemicals company’s stock worth $4,824,000 after purchasing an additional 3,300 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of PPG Industries in the 3rd quarter valued at approximately $838,000. National Bank of Canada FI boosted its stake in shares of PPG Industries by 56.1% in the third quarter. National Bank of Canada FI now owns 119,674 shares of the specialty chemicals company’s stock valued at $15,852,000 after buying an additional 43,031 shares in the last quarter. Zacks Investment Management acquired a new position in PPG Industries during the third quarter worth $221,000. Finally, Barclays PLC raised its position in PPG Industries by 21.0% in the third quarter. Barclays PLC now owns 1,142,045 shares of the specialty chemicals company’s stock worth $151,276,000 after acquiring an additional 198,353 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.