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

PPG Industries (NYSE:PPG) had its target price cut by equities researchers at Citigroup from $150.00 to $145.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s target price suggests a potential upside of 17.80% from the stock’s previous close.

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

PPG Industries Price Performance

PPG Industries stock traded up $1.03 during mid-day trading on Wednesday, hitting $123.09. The stock had a trading volume of 620,548 shares, compared to its average volume of 1,610,332. The firm has a market capitalization of $28.56 billion, a P/E ratio of 19.51, a P/E/G ratio of 1.90 and a beta of 1.24. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm’s 50 day moving average is $125.43 and its 200 day moving average is $126.41. PPG Industries has a one year low of $118.07 and a one year high of $150.82.

PPG Industries (NYSE:PPG) last announced its quarterly 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). The company had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.07 EPS. On average, sell-side analysts forecast that PPG Industries will post 8.18 earnings per share for the current fiscal year.

Insider Activity at PPG Industries

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the transaction, the vice president now 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. State Street Corp boosted its position in PPG Industries by 4.4% during the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after purchasing an additional 491,774 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of PPG Industries by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock worth $1,189,095,000 after acquiring an additional 485,597 shares during the period. Franklin Resources Inc. raised its holdings in shares of PPG Industries by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock worth $403,049,000 after acquiring an additional 170,339 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of PPG Industries by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock worth $340,654,000 after acquiring an additional 15,161 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in PPG Industries by 20.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock valued at $276,576,000 after buying an additional 368,410 shares during the period. 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.