Royal Bank of Canada restated their hold rating on shares of PPG Industries (NYSE:PPG) in a research report released on Wednesday. Royal Bank of Canada currently has a $115.00 price target on the specialty chemicals company’s stock.
Other analysts have also recently issued research reports about the company. Atlantic Securities cut PPG Industries from an overweight rating to a neutral rating in a research report on Wednesday. Zacks Investment Research raised PPG Industries from a sell rating to a hold rating in a research report on Thursday, January 4th. Jefferies Group reissued a buy rating and issued a $135.00 price objective on shares of PPG Industries in a research report on Wednesday, January 3rd. Raymond James Financial began coverage on PPG Industries in a research report on Tuesday, December 19th. They issued an outperform rating and a $139.00 price objective for the company. Finally, Wells Fargo & Co reissued 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. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $123.47.
Shares of PPG Industries (PPG) traded up $0.03 during midday trading on Wednesday, reaching $118.44. The company’s stock had a trading volume of 2,926,976 shares, compared to its average volume of 1,172,158. 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 company has a market cap of $30,140.14, a PE ratio of 18.77, a PEG ratio of 2.08 and a beta of 1.60. PPG Industries has a 1-year low of $97.87 and a 1-year high of $122.07.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.61 billion. PPG Industries had a return on equity of 26.76% and a net margin of 10.98%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.19 EPS. analysts forecast that PPG Industries will post 6.57 EPS for the current year.
PPG Industries announced that its Board of Directors has approved a share buyback program on Thursday, December 14th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, February 15th. This represents a $1.80 dividend on an annualized basis and a yield of 1.52%. PPG Industries’s dividend payout ratio is currently 28.53%.
Institutional investors and hedge funds have recently modified their holdings of the business. Bristlecone Advisors LLC acquired a new stake in PPG Industries during the 3rd quarter worth about $179,000. Ropes Wealth Advisors LLC raised its stake in shares of PPG Industries by 5.0% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,743 shares of the specialty chemicals company’s stock valued at $192,000 after buying an additional 83 shares during the last quarter. V Wealth Management LLC purchased a new position in shares of PPG Industries during the 4th quarter valued at about $204,000. Checchi Capital Advisers LLC purchased a new position in shares of PPG Industries during the 3rd quarter valued at about $200,000. Finally, Sun Life Financial INC raised its stake in shares of PPG Industries by 12,386.7% during the 2nd quarter. Sun Life Financial INC now owns 1,873 shares of the specialty chemicals company’s stock valued at $206,000 after buying an additional 1,858 shares during the last quarter. 75.01% of the stock is owned by institutional investors.
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PPG Industries Company Profile
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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