Citigroup Trims PPG Industries (NYSE:PPG) Target Price to $138.00

PPG Industries (NYSE:PPGGet Rating) had its price objective cut by Citigroup from $139.00 to $138.00 in a report published on Sunday, The Fly reports.

A number of other brokerages have also weighed in on PPG. Northcoast Research initiated coverage on shares of PPG Industries in a research note on Thursday, October 13th. They issued a neutral rating on the stock. KeyCorp boosted their target price on shares of PPG Industries from $125.00 to $144.00 and gave the stock an overweight rating in a report on Thursday, January 12th. Barclays lowered their target price on shares of PPG Industries from $150.00 to $130.00 in a report on Tuesday, October 11th. StockNews.com upgraded shares of PPG Industries from a hold rating to a buy rating in a report on Thursday, October 20th. Finally, Robert W. Baird decreased their price objective on shares of PPG Industries from $180.00 to $125.00 in a report on Tuesday, October 11th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, PPG Industries presently has a consensus rating of Hold and an average target price of $135.55.

PPG Industries Price Performance

PPG Industries stock opened at $130.97 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.04 and a current ratio of 1.52. The firm has a market cap of $30.78 billion, a P/E ratio of 30.25, a P/E/G ratio of 2.69 and a beta of 1.18. The business’s fifty day moving average is $129.61 and its two-hundred day moving average is $124.03. PPG Industries has a 52 week low of $107.06 and a 52 week high of $159.16.

PPG Industries (NYSE:PPGGet Rating) last posted its quarterly earnings results on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.08. PPG Industries had a return on equity of 22.95% and a net margin of 5.81%. The business had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter last year, the business earned $1.26 earnings per share. The firm’s quarterly revenue was down .1% compared to the same quarter last year. Equities research analysts forecast that PPG Industries will post 6.8 earnings per share for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 17th will be paid a dividend of $0.62 per share. The ex-dividend date is Thursday, February 16th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.89%. PPG Industries’s payout ratio is 57.27%.

Hedge Funds Weigh In On PPG Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PPG. Guardian Wealth Advisors LLC purchased a new position in shares of PPG Industries in the 3rd quarter worth about $27,000. Janiczek Wealth Management LLC purchased a new stake in PPG Industries during the 2nd quarter valued at about $29,000. Tradition Wealth Management LLC purchased a new stake in PPG Industries during the 2nd quarter valued at about $33,000. New England Asset Management Inc. purchased a new stake in PPG Industries during the 2nd quarter valued at about $33,000. Finally, Parkside Financial Bank & Trust raised its position in PPG Industries by 45.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 87 shares during the last quarter. 80.04% of the stock is currently owned by hedge funds and other institutional investors.

About PPG Industries

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PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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