PPG Industries (NYSE:PPG – Get Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided EPS guidance of $1.75-$2.00 for the period, compared to the consensus EPS estimate of $2.05. The company issued revenue guidance of -.
Analysts Set New Price Targets
Several analysts recently issued reports on the company. Robert W. Baird lowered their price target on PPG Industries from $200.00 to $180.00 in a report on Monday, April 25th. UBS Group lowered their target price on PPG Industries to $160.00 in a research note on Friday, July 22nd. Morgan Stanley reduced their price target on shares of PPG Industries from $175.00 to $150.00 and set an equal weight rating on the stock in a research report on Monday, April 25th. Barclays reduced their price target on shares of PPG Industries from $175.00 to $150.00 in a research report on Monday, May 2nd. Finally, Bank of America reduced their price target on shares of PPG Industries from $172.00 to $161.00 and set a buy rating on the stock in a research report on Wednesday, July 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $155.18.
PPG Industries Trading Down 0.6 %
Shares of NYSE PPG traded down $0.77 during mid-day trading on Friday, hitting $127.36. 1,099,343 shares of the company traded hands, compared to its average volume of 1,356,680. PPG Industries has a 1 year low of $107.06 and a 1 year high of $177.32. The stock has a market capitalization of $29.93 billion, a price-to-earnings ratio of 27.93, a PEG ratio of 2.63 and a beta of 1.17. The company has a quick ratio of 1.02, a current ratio of 1.50 and a debt-to-equity ratio of 1.08. The business has a 50 day moving average of $120.60 and a two-hundred day moving average of $130.07.
PPG Industries Increases Dividend
Institutional Investors Weigh In On PPG Industries
Hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust lifted its stake in PPG Industries by 45.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 87 shares in the last quarter. Achmea Investment Management B.V. purchased a new stake in shares of PPG Industries during the 1st quarter worth about $40,000. Salem Investment Counselors Inc. raised its stake in shares of PPG Industries by 17.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 668 shares of the specialty chemicals company’s stock worth $88,000 after purchasing an additional 100 shares in the last quarter. Resurgent Financial Advisors LLC purchased a new stake in shares of PPG Industries during the 1st quarter worth about $200,000. Finally, Lumature Wealth Partners LLC purchased a new stake in shares of PPG Industries during the 1st quarter worth about $211,000. 79.12% 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 worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.
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