PPG Industries (NYSE:PPG) Price Target Cut to $136.00

PPG Industries (NYSE:PPG) had its price target decreased by Royal Bank of Canada from $138.00 to $136.00 in a research note released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the specialty chemicals company’s stock.

A number of other research firms have also recently issued reports on PPG. UBS Group raised their target price on PPG Industries from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. BMO Capital Markets reissued an “outperform” rating and set a $155.00 target price (down from $160.00) on shares of PPG Industries in a research note on Monday. KeyCorp decreased their target price on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Mizuho cut their price target on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Finally, Citigroup decreased their price objective on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.93.

PPG Industries Price Performance

Shares of NYSE:PPG opened at $127.23 on Tuesday. The company has a market cap of $29.52 billion, a PE ratio of 20.16, a P/E/G ratio of 1.94 and a beta of 1.26. PPG Industries has a fifty-two week low of $118.07 and a fifty-two week high of $151.16. The firm has a 50-day simple moving average of $127.69 and a 200 day simple moving average of $128.83. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 0.77.

PPG Industries (NYSE:PPG) last issued its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The company had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.07 earnings per share. On average, sell-side analysts anticipate that PPG Industries will post 8.19 EPS for the current year.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s payout ratio is currently 43.11%.

Institutional Investors Weigh In On PPG Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Financial Connections Group Inc. bought a new stake in shares of PPG Industries in the 2nd quarter worth approximately $25,000. Riverview Trust Co bought a new position in shares of PPG Industries in the first quarter valued at $34,000. Rothschild Investment LLC acquired a new stake in shares of PPG Industries during the 2nd quarter valued at $37,000. LRI Investments LLC bought a new stake in shares of PPG Industries during the 1st quarter worth $53,000. Finally, DiNuzzo Private Wealth Inc. grew its holdings in shares of PPG Industries by 103.6% in the 1st quarter. DiNuzzo Private Wealth Inc. now owns 399 shares of the specialty chemicals company’s stock worth $58,000 after acquiring an additional 203 shares during the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

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.