Credit Suisse Group Analysts Give PPG Industries, Inc. (PPG) a $113.00 Price Target

PPG Industries, Inc. (NYSE:PPG) has been assigned a $113.00 price target by research analysts at Credit Suisse Group in a report issued on Sunday, July 23rd. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Credit Suisse Group’s price target suggests a potential upside of 10.70% from the company’s previous close.

PPG has been the topic of several other research reports. Deutsche Bank AG upped their price objective on PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, July 21st. Citigroup Inc. reiterated a “market perform” rating on shares of PPG Industries in a research note on Friday, April 14th. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. Bank of America Corporation downgraded PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price objective on the stock. in a research note on Monday, July 24th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Friday, May 26th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. PPG Industries has a consensus rating of “Hold” and a consensus price target of $114.50.

Shares of PPG Industries (NYSE:PPG) traded down 0.58% during midday trading on Friday, reaching $102.08. The company’s stock had a trading volume of 1,778,770 shares. The stock has a 50-day moving average of $107.13 and a 200 day moving average of $106.21. The company has a market cap of $26.18 billion, a price-to-earnings ratio of 26.86 and a beta of 1.54. PPG Industries has a 12 month low of $89.64 and a 12 month high of $113.67.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the consensus estimate of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the business earned $1.73 earnings per share. PPG Industries’s revenue for the quarter was up .6% on a year-over-year basis. On average, analysts predict that PPG Industries will post $6.11 earnings per share for the current fiscal year.

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In related news, VP Glenn E. Bost II sold 19,812 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $100.80, for a total value of $1,997,049.60. Following the completion of the transaction, the vice president now directly owns 52,748 shares in the company, valued at $5,316,998.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PPG. BlackRock Inc. raised its stake 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 stake 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. Nordea Investment Management AB raised its stake 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. Capital Research Global Investors acquired a new stake in PPG Industries during the second quarter valued at about $192,226,000. Finally, OppenheimerFunds Inc. raised its stake in PPG Industries by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock valued at $266,046,000 after buying an additional 1,346,064 shares during the last quarter. Institutional investors own 71.54% of the company’s stock.

About PPG Industries

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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