Deutsche Bank AG reiterated their hold rating on shares of PPG Industries, Inc. (NYSE:PPG) in a research report released on Sunday, April 23rd. They currently have a $110.00 target price on the specialty chemicals company’s stock, up from their previous target price of $102.00.
A number of other equities analysts also recently commented on the stock. Wells Fargo & Co downgraded shares of PPG Industries from an outperform rating to a market perform rating in a research report on Thursday, March 9th. Jefferies Group LLC restated a buy rating and set a $113.00 price objective on shares of PPG Industries in a research report on Saturday, March 11th. Citigroup Inc reiterated a market perform rating on shares of PPG Industries in a report on Friday, April 14th. Evercore ISI began coverage on shares of PPG Industries in a report on Monday, February 13th. They issued a buy rating and a $117.00 price target for the company. Finally, Barclays PLC reiterated a hold rating and issued a $110.00 price target on shares of PPG Industries in a report on Sunday, January 22nd. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $114.46.
Shares of PPG Industries (NYSE:PPG) traded down 0.29% during midday trading on Friday, hitting $106.42. 959,387 shares of the stock were exchanged. PPG Industries has a 12 month low of $89.64 and a 12 month high of $113.49. The firm’s 50-day moving average is $107.20 and its 200-day moving average is $101.33. The stock has a market cap of $27.26 billion, a price-to-earnings ratio of 32.58 and a beta of 1.39.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, April 20th. The specialty chemicals company reported $1.35 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.03. The company had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.53 billion. PPG Industries had a net margin of 5.84% and a return on equity of 29.94%. PPG Industries’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.31 EPS. Equities research analysts predict that PPG Industries will post $6.26 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Wednesday, May 10th will be given a $0.40 dividend. The ex-dividend date is Monday, May 8th. This represents a $1.60 annualized dividend and a dividend yield of 1.50%. PPG Industries’s dividend payout ratio is presently 48.93%.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after buying an additional 13,902,595 shares during the last quarter. Lazard Asset Management LLC raised its position in PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock valued at $442,716,000 after buying an additional 3,643,443 shares during the last quarter. Norges Bank acquired a new position in PPG Industries during the fourth quarter valued at approximately $181,554,000. Nordea Investment Management AB raised its position in PPG Industries by 15,312.6% in the first quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock valued at $189,909,000 after buying an additional 1,795,556 shares during the last quarter. Finally, Temasek Holdings Private Ltd acquired a new position in PPG Industries during the fourth quarter valued at approximately $158,105,000. 71.49% of the stock is currently owned by institutional investors and hedge funds.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. 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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