PPG Industries (PPG) Downgraded to Neutral at Atlantic Securities

Atlantic Securities lowered shares of PPG Industries (NYSE:PPG) from an overweight rating to a neutral rating in a report published on Wednesday, MarketBeat.com reports.

Several other equities research analysts also recently issued reports on PPG. Zacks Investment Research raised shares of PPG Industries from a sell rating to a hold rating in a research note on Thursday, January 4th. Credit Suisse Group set a $119.00 price target on shares of PPG Industries and gave the stock a buy rating in a research note on Friday, October 20th. Raymond James Financial began coverage on shares of PPG Industries in a research note on Tuesday, December 19th. They set an outperform rating and a $139.00 price target on the stock. Citigroup lifted their price target on shares of PPG Industries from $114.00 to $127.00 and gave the stock a neutral rating in a research note on Wednesday, October 25th. Finally, Robert W. Baird lifted their price target on shares of PPG Industries from $115.00 to $130.00 and gave the stock an outperform rating in a research note on Friday, October 20th. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $123.47.

Shares of PPG Industries (NYSE:PPG) traded up $0.03 on Wednesday, hitting $118.44. 2,926,976 shares of the company’s stock were exchanged, compared to its average volume of 1,172,158. The firm has a market cap of $30,140.14, a price-to-earnings ratio of 18.77, a PEG ratio of 2.08 and a beta of 1.60. PPG Industries has a 52 week low of $97.87 and a 52 week high of $122.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.26 and a current ratio of 1.65.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.01. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. PPG Industries’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $1.19 EPS. equities research analysts anticipate that PPG Industries will post 6.57 EPS for the current year.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Thursday, February 15th. PPG Industries’s dividend payout ratio is presently 28.53%.

Several large investors have recently made changes to their positions in PPG. Bristlecone Advisors LLC bought a new stake in shares of PPG Industries during the 3rd quarter valued at about $179,000. Ropes Wealth Advisors LLC boosted its stake in PPG Industries by 5.0% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,743 shares of the specialty chemicals company’s stock valued at $192,000 after purchasing an additional 83 shares during the period. Checchi Capital Advisers LLC acquired a new position in PPG Industries during the 3rd quarter valued at about $200,000. V Wealth Management LLC acquired a new position in PPG Industries during the 4th quarter valued at about $204,000. Finally, Sun Life Financial INC boosted its stake in PPG Industries by 12,386.7% during the 2nd quarter. Sun Life Financial INC now owns 1,873 shares of the specialty chemicals company’s stock valued at $206,000 after purchasing an additional 1,858 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

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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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