PPG Industries (NYSE:PPG) Price Target Raised to $140.00

PPG Industries (NYSE:PPG) had its target price lifted by Deutsche Bank Aktiengesellschaft from $125.00 to $140.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company’s stock.

A number of other research analysts have also recently issued reports on the stock. Barclays reaffirmed an “equal weight” rating on shares of PPG Industries in a report on Monday, February 3rd. Bank of America reiterated a “neutral” rating and issued a $126.00 price objective (down previously from $143.00) on shares of PPG Industries in a research note on Tuesday, April 15th. Mizuho cut their price objective on shares of PPG Industries from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada increased their price objective on shares of PPG Industries from $112.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Friday, May 2nd. Finally, Citigroup cut their price objective on shares of PPG Industries from $135.00 to $113.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.42.

PPG Industries Price Performance

Shares of PPG opened at $111.56 on Monday. The company has a 50 day moving average price of $106.46 and a 200-day moving average price of $115.39. PPG Industries has a fifty-two week low of $90.24 and a fifty-two week high of $137.24. The stock has a market capitalization of $25.32 billion, a PE ratio of 23.59, a PEG ratio of 2.19 and a beta of 1.20. 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 (NYSE:PPG) last posted its quarterly earnings data on Tuesday, April 29th. The specialty chemicals company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.62 by $0.10. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.67 billion. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. PPG Industries’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.87 EPS. Equities analysts predict that PPG Industries will post 7.95 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Monday, May 12th will be issued a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Monday, May 12th. PPG Industries’s payout ratio is 58.24%.

Insider Buying and Selling at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $118.35, for a total value of $568,080.00. Following the transaction, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,240,835.55. This trade represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Several hedge funds and other institutional investors have recently modified their holdings of the business. Cookson Peirce & Co. Inc. lifted its stake in shares of PPG Industries by 1.9% in the first quarter. Cookson Peirce & Co. Inc. now owns 4,862 shares of the specialty chemicals company’s stock worth $532,000 after buying an additional 89 shares in the last quarter. Summit Financial LLC lifted its stake in shares of PPG Industries by 1.3% in the first quarter. Summit Financial LLC now owns 7,246 shares of the specialty chemicals company’s stock worth $792,000 after buying an additional 90 shares in the last quarter. Mutual Advisors LLC lifted its stake in shares of PPG Industries by 3.6% in the fourth quarter. Mutual Advisors LLC now owns 2,666 shares of the specialty chemicals company’s stock worth $319,000 after buying an additional 92 shares in the last quarter. LRI Investments LLC lifted its stake in shares of PPG Industries by 25.3% in the fourth quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company’s stock worth $54,000 after buying an additional 92 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of PPG Industries by 28.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 431 shares of the specialty chemicals company’s stock worth $51,000 after buying an additional 95 shares in the last quarter. 81.86% 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, 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.