PPG Industries’ (PPG) “Hold” Rating Reaffirmed at Royal Bank of Canada

PPG Industries (NYSE:PPG)‘s stock had its “hold” rating reaffirmed by research analysts at Royal Bank of Canada in a research report issued on Wednesday. They presently have a $115.00 price target on the specialty chemicals company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 0.44% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Atlantic Securities downgraded shares of PPG Industries from an “overweight” rating to a “neutral” rating in a report on Wednesday. Raymond James Financial began coverage on shares of PPG Industries in a report on Tuesday, December 19th. They set an “outperform” rating and a $139.00 price objective for the company. Robert W. Baird increased their price objective on shares of PPG Industries from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, October 20th. Wells Fargo & Co reissued a “market perform” rating and set a $120.00 price objective (up previously from $110.00) on shares of PPG Industries in a report on Tuesday, November 28th. They noted that the move was a valuation call. Finally, Citigroup increased their price objective on shares of PPG Industries from $112.00 to $114.00 and gave the company a “buy” rating in a report on Monday, October 2nd. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $121.94.

Shares of PPG Industries (NYSE PPG) traded down $2.14 during mid-day trading on Wednesday, reaching $114.50. The company’s stock had a trading volume of 3,175,537 shares, compared to its average volume of 1,283,590. PPG Industries has a 1-year low of $94.62 and a 1-year high of $119.85. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. The stock has a market cap of $29,300.00, a price-to-earnings ratio of 22.81, a PEG ratio of 2.11 and a beta of 1.60.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, meeting the consensus estimate of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The business had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the prior year, the firm earned $1.56 EPS. The business’s revenue was up 3.2% on a year-over-year basis. equities analysts anticipate that PPG Industries will post 5.88 earnings per share for the current fiscal year.

PPG Industries declared that its Board of Directors has approved a share buyback plan on Thursday, December 14th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Large investors have recently made changes to their positions in the stock. Bristlecone Advisors LLC bought a new position in shares of PPG Industries in the 3rd quarter valued at about $179,000. Ropes Wealth Advisors LLC lifted its holdings in shares of PPG Industries by 5.0% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,743 shares of the specialty chemicals company’s stock valued at $192,000 after acquiring an additional 83 shares during the last quarter. Checchi Capital Advisers LLC bought a new position in shares of PPG Industries in the 3rd quarter valued at about $200,000. Sun Life Financial INC lifted its holdings in shares of PPG Industries by 12,386.7% in the 2nd quarter. Sun Life Financial INC now owns 1,873 shares of the specialty chemicals company’s stock valued at $206,000 after acquiring an additional 1,858 shares during the last quarter. Finally, NEXT Financial Group Inc lifted its holdings in shares of PPG Industries by 188.3% in the 3rd quarter. NEXT Financial Group Inc now owns 1,903 shares of the specialty chemicals company’s stock valued at $216,000 after acquiring an additional 1,243 shares during the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for PPG Industries (NYSE:PPG)

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