PPG Industries, Inc. (NYSE:PPG) – Stock analysts at Jefferies Group boosted their FY2020 EPS estimates for PPG Industries in a research report issued on Tuesday, according to Zacks Investment Research. Jefferies Group analyst L. Alexander now forecasts that the specialty chemicals company will post earnings per share of $7.65 for the year, up from their previous forecast of $7.50. Jefferies Group currently has a “Buy” rating and a $135.00 target price on the stock.
A number of other analysts also recently commented on the company. Bank of America set a $120.00 target price on PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Citigroup upped their target price on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Robert W. Baird upped their target price on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. Finally, Wells Fargo & Co reiterated a “market perform” rating and set a $120.00 price target (up previously from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $121.56.
Shares of PPG Industries (NYSE:PPG) traded up $0.60 on Wednesday, hitting $118.17. The stock had a trading volume of 1,241,180 shares, compared to its average volume of 1,162,467. PPG Industries has a 1 year low of $94.62 and a 1 year high of $119.85. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $30,070.00, a P/E ratio of 23.54, a price-to-earnings-growth ratio of 2.12 and a beta of 1.60.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting analysts’ consensus estimates of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the prior year, the business earned $1.56 earnings per share. The company’s revenue was up 3.2% compared to the same quarter last year.
PPG Industries declared that its Board of Directors has approved a share repurchase plan on Thursday, December 14th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of hedge funds have recently modified their holdings of the business. Benson Investment Management Company Inc. raised its holdings in shares of PPG Industries by 19.3% during the fourth quarter. Benson Investment Management Company Inc. now owns 21,180 shares of the specialty chemicals company’s stock valued at $2,474,000 after acquiring an additional 3,425 shares during the last quarter. Daiwa SB Investments Ltd. raised its holdings in shares of PPG Industries by 114.9% during the fourth quarter. Daiwa SB Investments Ltd. now owns 6,940 shares of the specialty chemicals company’s stock valued at $811,000 after acquiring an additional 3,710 shares during the last quarter. Gillespie Robinson & Grimm Inc. raised its holdings in shares of PPG Industries by 27.8% during the fourth quarter. Gillespie Robinson & Grimm Inc. now owns 203,305 shares of the specialty chemicals company’s stock valued at $23,750,000 after acquiring an additional 44,165 shares during the last quarter. New England Research & Management Inc. raised its holdings in shares of PPG Industries by 18.2% during the fourth quarter. New England Research & Management Inc. now owns 13,663 shares of the specialty chemicals company’s stock valued at $1,596,000 after acquiring an additional 2,100 shares during the last quarter. Finally, Atlantic Trust Group LLC raised its holdings in shares of PPG Industries by 21.2% during the third quarter. Atlantic Trust Group LLC now owns 14,943 shares of the specialty chemicals company’s stock valued at $1,624,000 after acquiring an additional 2,615 shares during the last quarter. Institutional investors own 74.99% of the company’s stock.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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