Citigroup Lowers PPG Industries (NYSE:PPG) Price Target to $133.00

PPG Industries (NYSE:PPG) had its price target decreased by Citigroup from $136.00 to $133.00 in a report published on Monday morning, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the specialty chemicals company’s stock.

Several other research firms also recently commented on PPG. Buckingham Research increased their price objective on PPG Industries from $110.00 to $115.00 and gave the company a neutral rating in a report on Tuesday, July 16th. ValuEngine downgraded PPG Industries from a buy rating to a hold rating in a report on Thursday, August 1st. Barclays increased their price objective on PPG Industries from $120.00 to $125.00 and gave the company an equal weight rating in a report on Friday, July 19th. Zacks Investment Research raised PPG Industries from a sell rating to a hold rating and set a $125.00 price objective for the company in a report on Thursday, July 4th. Finally, SunTrust Banks reissued a hold rating and issued a $123.00 price objective on shares of PPG Industries in a report on Friday, July 19th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. PPG Industries currently has a consensus rating of Hold and a consensus target price of $122.33.

Shares of PPG opened at $118.21 on Monday. The stock has a market capitalization of $27.71 billion, a P/E ratio of 19.97, a P/E/G ratio of 2.02 and a beta of 1.23. PPG Industries has a twelve month low of $94.37 and a twelve month high of $121.29. The company has a 50 day moving average of $113.06 and a 200-day moving average of $113.53. The company has a quick ratio of 1.01, a current ratio of 1.43 and a debt-to-equity ratio of 1.04.



PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.02. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $4.10 billion. PPG Industries had a net margin of 8.07% and a return on equity of 27.89%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the business earned $1.90 EPS. On average, sell-side analysts anticipate that PPG Industries will post 6.27 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were issued a dividend of $0.51 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, August 9th. This represents a $2.04 annualized dividend and a yield of 1.73%. PPG Industries’s dividend payout ratio (DPR) is currently 34.46%.

In other PPG Industries news, VP Vadlamannati Ramaprasad sold 13,904 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $117.12, for a total transaction of $1,628,436.48. Following the completion of the sale, the vice president now owns 29,617 shares of the company’s stock, valued at approximately $3,468,743.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.37% of the company’s stock.

A number of institutional investors have recently made changes to their positions in PPG. Nuveen Asset Management LLC lifted its holdings in PPG Industries by 18,428.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,158,390 shares of the specialty chemicals company’s stock valued at $135,196,000 after purchasing an additional 1,152,138 shares during the last quarter. APG Asset Management N.V. lifted its holdings in shares of PPG Industries by 152.5% during the second quarter. APG Asset Management N.V. now owns 855,833 shares of the specialty chemicals company’s stock worth $87,710,000 after buying an additional 516,872 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of PPG Industries by 45.1% during the second quarter. Royal Bank of Canada now owns 997,059 shares of the specialty chemicals company’s stock worth $116,367,000 after buying an additional 309,781 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of PPG Industries by 1,472.6% during the second quarter. Panagora Asset Management Inc. now owns 253,412 shares of the specialty chemicals company’s stock worth $29,576,000 after buying an additional 237,298 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of PPG Industries by 1.6% during the second quarter. BlackRock Inc. now owns 14,692,566 shares of the specialty chemicals company’s stock worth $1,714,770,000 after buying an additional 232,493 shares in the last quarter. 77.33% 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 and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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