PPG Industries (PPG) Upgraded at Citigroup

Citigroup upgraded shares of PPG Industries (NYSE:PPG) from a neutral rating to a buy rating in a research report released on Thursday, Marketbeat reports. The firm currently has $123.00 price target on the specialty chemicals company’s stock.

Other research analysts also recently issued research reports about the stock. Vertical Research downgraded shares of PPG Industries from a buy rating to a hold rating in a research report on Tuesday, October 9th. Northcoast Research set a $114.00 price target on shares of PPG Industries and gave the stock a buy rating in a research report on Tuesday, October 9th. BMO Capital Markets decreased their price target on shares of PPG Industries from $116.00 to $107.00 and set a hold rating on the stock in a research report on Friday, October 19th. KeyCorp decreased their price target on shares of PPG Industries from $128.00 to $119.00 and set an overweight rating on the stock in a research report on Friday, October 12th. Finally, Credit Suisse Group decreased their price target on shares of PPG Industries from $119.00 to $115.00 and set a hold rating on the stock in a research report on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $119.00.

Shares of PPG Industries stock opened at $109.33 on Thursday. The company has a market cap of $26.23 billion, a P/E ratio of 18.63, a P/E/G ratio of 2.26 and a beta of 1.36. PPG Industries has a twelve month low of $94.37 and a twelve month high of $122.07. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.22 and a current ratio of 1.71.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.45. The company had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $3.81 billion. PPG Industries had a net margin of 8.34% and a return on equity of 27.83%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.52 earnings per share. On average, research analysts anticipate that PPG Industries will post 5.81 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 12th will be paid a $0.48 dividend. The ex-dividend date is Thursday, November 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.76%. PPG Industries’s dividend payout ratio (DPR) is presently 32.71%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Creative Planning increased its stake in shares of PPG Industries by 24.8% in the third quarter. Creative Planning now owns 35,493 shares of the specialty chemicals company’s stock worth $3,873,000 after purchasing an additional 7,046 shares in the last quarter. Reliance Trust Co. of Delaware increased its stake in shares of PPG Industries by 13.1% in the third quarter. Reliance Trust Co. of Delaware now owns 11,328 shares of the specialty chemicals company’s stock worth $1,236,000 after purchasing an additional 1,313 shares in the last quarter. Confluence Investment Management LLC increased its stake in shares of PPG Industries by 3.6% in the third quarter. Confluence Investment Management LLC now owns 162,008 shares of the specialty chemicals company’s stock worth $17,680,000 after purchasing an additional 5,607 shares in the last quarter. Klingman & Associates LLC purchased a new stake in shares of PPG Industries in the third quarter worth $365,000. Finally, Global Financial Private Capital LLC purchased a new stake in shares of PPG Industries in the third quarter worth $724,000. 78.05% of the stock is owned by hedge funds and other institutional investors.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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Analyst Recommendations for PPG Industries (NYSE:PPG)

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