UBS Group Increases PPG Industries (NYSE:PPG) Price Target to $142.00

PPG Industries (NYSE:PPG) had its target price upped by UBS Group from $140.00 to $142.00 in a research report report published on Friday morning, Benzinga reports. They currently have a neutral rating on the specialty chemicals company’s stock.

PPG has been the topic of a number of other research reports. Seaport Res Ptn upgraded PPG Industries from a neutral rating to a buy rating in a research note on Monday, April 22nd. Evercore ISI lowered PPG Industries from an outperform rating to an in-line rating and set a $152.00 price objective on the stock. in a report on Monday, April 22nd. Bank of America decreased their price objective on PPG Industries from $167.00 to $164.00 and set a buy rating on the stock in a report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on PPG Industries from $160.00 to $155.00 and set a buy rating on the stock in a report on Monday, April 22nd. Finally, Citigroup decreased their price objective on PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a report on Wednesday, April 10th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $155.23.

PPG Industries Trading Down 2.8 %

Shares of PPG Industries stock opened at $128.04 on Friday. PPG Industries has a 12-month low of $120.32 and a 12-month high of $152.60. The stock has a market cap of $30.03 billion, a P/E ratio of 21.63, a P/E/G ratio of 1.62 and a beta of 1.26. The company has a quick ratio of 1.08, a current ratio of 1.55 and a debt-to-equity ratio of 0.73. The business’s 50 day moving average is $129.62 and its 200-day moving average is $136.16.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02. PPG Industries had a return on equity of 23.50% and a net margin of 7.98%. The company had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter in the prior year, the business posted $2.25 EPS. The business’s revenue was down 1.6% compared to the same quarter last year. Equities research analysts predict that PPG Industries will post 8.23 earnings per share for the current fiscal year.

PPG Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be given a dividend of $0.68 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.65. This represents a $2.72 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Monday, August 12th. PPG Industries’s dividend payout ratio is currently 43.92%.

PPG Industries declared that its board has approved a stock repurchase plan on Thursday, April 18th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at PPG Industries

In other news, CEO Timothy M. Knavish bought 2,061 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was purchased at an average cost of $133.24 per share, for a total transaction of $274,607.64. Following the completion of the transaction, the chief executive officer now owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Large investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC raised its position in shares of PPG Industries by 2,278.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 333 shares of the specialty chemicals company’s stock worth $50,000 after acquiring an additional 319 shares during the last quarter. Advisor Resource Council bought a new position in shares of PPG Industries during the fourth quarter worth about $265,000. SG Americas Securities LLC raised its position in shares of PPG Industries by 174.1% during the fourth quarter. SG Americas Securities LLC now owns 78,769 shares of the specialty chemicals company’s stock worth $11,780,000 after acquiring an additional 50,034 shares during the last quarter. GPS Wealth Strategies Group LLC raised its position in shares of PPG Industries by 35.6% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 1,870 shares of the specialty chemicals company’s stock worth $280,000 after acquiring an additional 491 shares during the last quarter. Finally, Mutual Advisors LLC raised its position in shares of PPG Industries by 10.8% during the fourth quarter. Mutual Advisors LLC now owns 1,887 shares of the specialty chemicals company’s stock worth $282,000 after acquiring an additional 184 shares during the last quarter. 81.86% of the stock is currently owned by institutional investors.

About PPG Industries

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.