Royal Bank of Canada Cuts PPG Industries (NYSE:PPG) Price Target to $136.00

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

PPG has been the topic of a number of other reports. Citigroup decreased their price target on PPG Industries from $145.00 to $144.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. UBS Group upped their price target on shares of PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Mizuho decreased their price target on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. KeyCorp dropped their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. Finally, Bank of America cut their target price on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, PPG Industries presently has an average rating of “Moderate Buy” and a consensus target price of $149.93.

PPG Industries Stock Performance

Shares of NYSE PPG opened at $127.23 on Tuesday. The company has a 50-day simple moving average of $127.69 and a 200-day simple moving average of $128.83. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The company has a market cap of $29.52 billion, a PE ratio of 20.16, a price-to-earnings-growth ratio of 1.94 and a beta of 1.26. PPG Industries has a 12 month low of $118.07 and a 12 month high of $151.16.

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

PPG Industries Announces Dividend

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

Institutional Investors Weigh In On PPG Industries

Large investors have recently added to or reduced their stakes in the company. Insight Folios Inc boosted its position in PPG Industries by 3.8% in the 3rd quarter. Insight Folios Inc now owns 2,217 shares of the specialty chemicals company’s stock valued at $294,000 after buying an additional 81 shares during the last quarter. J.W. Cole Advisors Inc. grew its stake in PPG Industries by 6.0% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 12,308 shares of the specialty chemicals company’s stock valued at $1,630,000 after purchasing an additional 701 shares in the last quarter. Frank Rimerman Advisors LLC increased its holdings in PPG Industries by 9.1% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 1,826 shares of the specialty chemicals company’s stock worth $242,000 after purchasing an additional 152 shares during the last quarter. Mattern Capital Management LLC raised its position in shares of PPG Industries by 1.6% in the 3rd quarter. Mattern Capital Management LLC now owns 60,667 shares of the specialty chemicals company’s stock valued at $8,036,000 after purchasing an additional 950 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of PPG Industries by 10.3% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,061,312 shares of the specialty chemicals company’s stock valued at $140,276,000 after purchasing an additional 98,941 shares in 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.