Raymond James Financial began coverage on shares of PPG Industries (NYSE:PPG) in a research note issued on Tuesday, December 19th, Marketbeat.com reports. The brokerage set an “outperform” rating and a $139.00 price target on the specialty chemicals company’s stock. Raymond James Financial’s price target indicates a potential upside of 17.63% from the company’s current price.
A number of other analysts also recently commented on the company. Wells Fargo & Co reiterated a “market perform” rating and issued a $120.00 price objective (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. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research report on Monday, November 27th. Citigroup raised their price objective on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Robert W. Baird raised their price objective on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Finally, Bank of America set a $120.00 target price on PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. PPG Industries has an average rating of “Hold” and an average price target of $121.56.
PPG Industries (NYSE PPG) traded up $0.60 on Tuesday, hitting $118.17. The stock had a trading volume of 1,241,180 shares, compared to its average volume of 1,162,467. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. The stock has a market cap of $30,070.00, a P/E ratio of 23.54, a PEG ratio of 2.12 and a beta of 1.60. PPG Industries has a 52 week low of $94.62 and a 52 week high of $119.85.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.52. The business had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.56 EPS. equities analysts forecast that PPG Industries will post 5.89 earnings per share for the current year.
PPG Industries announced that its Board of Directors has approved a share repurchase program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Several institutional investors have recently made changes to their positions in PPG. Bruderman Asset Management LLC acquired a new stake in shares of PPG Industries during the second quarter worth $105,000. First Interstate Bank grew its stake in PPG Industries by 3.1% in the second quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock valued at $127,000 after acquiring an additional 35 shares during the period. Global X Management Co. LLC grew its stake in PPG Industries by 9.2% in the second quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock valued at $142,000 after acquiring an additional 108 shares during the period. Bessemer Group Inc. acquired a new position in PPG Industries in the second quarter valued at about $179,000. Finally, Bristlecone Advisors LLC acquired a new position in PPG Industries in the third quarter valued at about $179,000. 74.99% of the stock is owned by institutional investors and hedge funds.
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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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