PPG Industries, Inc. (NYSE:PPG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, October 17th.
According to Zacks, “Earnings estimates for PPG Industries for the third quarter have been going down of late. The company has underperformed the industry it belongs to over a year. PPG Industries faces currency headwind and macroeconomic challenges. Some of its end-markets including marine still remain sluggish. It is also exposed to raw materials cost pressure.”
Several other brokerages also recently commented on PPG. BidaskClub raised PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group reaffirmed an “outperform” rating and set a $114.00 price target (up from $109.00) on shares of PPG Industries in a research report on Monday, July 17th. They noted that the move was a valuation call. Argus raised PPG Industries from a “hold” rating to a “buy” rating and increased their price target for the company from $110.61 to $136.00 in a research report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and set a $120.00 price target on shares of PPG Industries in a research report on Thursday, July 6th. Finally, Citigroup Inc. increased their price target on PPG Industries from $112.00 to $114.00 and gave the company a “buy” rating in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $119.36.
Shares of PPG Industries (NYSE PPG) traded down 0.66% on Tuesday, hitting $117.89. 936,063 shares of the company traded hands. PPG Industries has a 12 month low of $90.88 and a 12 month high of $119.85. The company has a market capitalization of $30.24 billion, a PE ratio of 31.02 and a beta of 1.55. The stock’s 50-day moving average price is $110.45 and its 200-day moving average price is $108.26.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting the consensus estimate of $1.52. The firm had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.56 earnings per share. On average, equities analysts predict that PPG Industries will post $5.93 earnings per share for the current year.
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In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $102.49, for a total value of $1,907,953.84. Following the completion of the transaction, the insider now directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $100.80, for a total value of $1,997,049.60. Following the completion of the transaction, the vice president now directly owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Bruderman Asset Management LLC bought a new position in shares of PPG Industries in the second quarter worth $105,000. V Wealth Management LLC bought a new position in shares of PPG Industries in the second quarter worth $112,000. State of Alaska Department of Revenue bought a new position in shares of PPG Industries in the second quarter worth $113,000. First Interstate Bank boosted its holdings in shares of PPG Industries by 3.1% in the second quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after acquiring an additional 35 shares during the period. Finally, Global X Management Co. LLC boosted its holdings in shares of PPG Industries by 26.7% in the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after acquiring an additional 249 shares during the period. 73.96% of the stock is owned by hedge funds and other institutional investors.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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