Citigroup Lowers PPG Industries (NYSE:PPG) Price Target to $145.00

PPG Industries (NYSE:PPG) had its price objective cut by Citigroup from $150.00 to $145.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the specialty chemicals company’s stock.

Several other equities research analysts have also commented on PPG. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. JPMorgan Chase & Co. dropped their price target on PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. StockNews.com upgraded PPG Industries from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 12th. Mizuho dropped their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Finally, Royal Bank of Canada reduced their target price on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.29.

PPG Industries Price Performance

PPG Industries stock opened at $120.21 on Wednesday. The stock has a market capitalization of $27.89 billion, a P/E ratio of 19.05, a P/E/G ratio of 1.90 and a beta of 1.24. The company’s fifty day moving average price is $124.99 and its 200 day moving average price is $126.25. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58. PPG Industries has a 1 year low of $118.07 and a 1 year high of $150.82.

PPG Industries (NYSE:PPG) last announced its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.15 by ($0.02). The company had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.07 EPS. As a group, equities research analysts anticipate that PPG Industries will post 8.18 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.68 per share. The ex-dividend date was Tuesday, November 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.26%. PPG Industries’s dividend payout ratio is currently 43.11%.

Insider Activity

In related news, VP Anne M. Foulkes sold 1,985 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the sale, the vice president now directly owns 13,454 shares of the company’s stock, valued at approximately $1,692,513.20. This trade represents a 12.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Financial Connections Group Inc. acquired a new position in shares of PPG Industries in the 2nd quarter worth approximately $25,000. Pin Oak Investment Advisors Inc. boosted its position in shares of PPG Industries by 465.1% during the third quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock worth $32,000 after buying an additional 200 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of PPG Industries in the third quarter valued at $34,000. Rothschild Investment LLC purchased a new stake in shares of PPG Industries in the 2nd quarter valued at $37,000. Finally, Hara Capital LLC acquired a new position in PPG Industries during the 3rd quarter worth about $40,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

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.