PPG Industries (NYSE:PPG) PT Lowered to $165.00 at BMO Capital Markets

PPG Industries (NYSE:PPG) had its price objective reduced by research analysts at BMO Capital Markets from $168.00 to $165.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 26.42% from the stock’s previous close.

PPG has been the subject of a number of other research reports. KeyCorp decreased their price objective on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating for the company in a report on Monday. Vertical Research raised shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Wolfe Research began coverage on shares of PPG Industries in a research note on Friday, March 1st. They set a “peer perform” rating on the stock. StockNews.com downgraded PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Royal Bank of Canada dropped their price target on PPG Industries from $156.00 to $141.00 and set a “sector perform” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $155.47.

PPG Industries Price Performance

Shares of PPG stock opened at $130.52 on Tuesday. The firm has a fifty day moving average of $139.81 and a two-hundred day moving average of $138.91. The firm has a market cap of $30.61 billion, a P/E ratio of 22.05, a P/E/G ratio of 1.57 and a beta of 1.28. PPG Industries has a 1-year low of $120.32 and a 1-year high of $152.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.55 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.86. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. PPG Industries’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.82 earnings per share. As a group, research analysts anticipate that PPG Industries will post 8.47 earnings per share for the current fiscal year.

PPG Industries announced that its Board of Directors has authorized a share repurchase program on Thursday, April 18th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CFO Vincent J. Morales sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the sale, the chief financial officer now owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wedmont Private Capital raised its holdings in shares of PPG Industries by 2.9% in the 4th quarter. Wedmont Private Capital now owns 2,464 shares of the specialty chemicals company’s stock worth $363,000 after purchasing an additional 70 shares in the last quarter. Barrett & Company Inc. grew its position in PPG Industries by 10.6% in the fourth quarter. Barrett & Company Inc. now owns 763 shares of the specialty chemicals company’s stock worth $114,000 after buying an additional 73 shares during the last quarter. FinTrust Capital Advisors LLC increased its holdings in shares of PPG Industries by 38.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 273 shares of the specialty chemicals company’s stock valued at $41,000 after buying an additional 76 shares in the last quarter. CWA Asset Management Group LLC increased its holdings in shares of PPG Industries by 2.0% in the third quarter. CWA Asset Management Group LLC now owns 4,052 shares of the specialty chemicals company’s stock valued at $526,000 after buying an additional 78 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its position in shares of PPG Industries by 20.9% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 462 shares of the specialty chemicals company’s stock valued at $69,000 after acquiring an additional 80 shares during the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

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.