PPG Industries (NYSE:PPG)‘s stock had its “neutral” rating reissued by equities researchers at JPMorgan Chase & Co. in a report released on Friday, January 19th, Marketbeat reports. They currently have a $120.00 price target on the specialty chemicals company’s stock. JPMorgan Chase & Co.’s price target would suggest a potential upside of 5.28% from the company’s previous close.
A number of other analysts have also recently commented on the stock. Bank of America set a $120.00 target price on shares of PPG Industries and gave the stock a “hold” rating in a research note on Friday, October 20th. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Citigroup upped their price objective on shares of PPG Industries from $114.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Robert W. Baird upped their price objective on shares of PPG Industries from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, October 20th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $115.00 price objective on shares of PPG Industries in a research note on Wednesday, January 17th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $123.35.
PPG Industries (NYSE:PPG) traded up $1.61 on Friday, reaching $113.98. 1,242,926 shares of the company’s stock were exchanged, compared to its average volume of 1,740,000. The stock has a market capitalization of $29,010.00, a PE ratio of 20.91, a price-to-earnings-growth ratio of 1.96 and a beta of 1.59. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68. PPG Industries has a one year low of $100.02 and a one year high of $122.07.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, January 18th. The specialty chemicals company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.61 billion. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.19 earnings per share. analysts predict that PPG Industries will post 6.57 earnings per share for the current year.
PPG Industries announced that its board has initiated a share buyback program on Thursday, December 14th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in PPG. Franklin Resources Inc. lifted its holdings in PPG Industries by 1.3% during the 2nd quarter. Franklin Resources Inc. now owns 31,423 shares of the specialty chemicals company’s stock worth $3,456,000 after buying an additional 390 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of PPG Industries by 1.1% in the 2nd quarter. Mutual of America Capital Management LLC now owns 31,240 shares of the specialty chemicals company’s stock valued at $3,435,000 after purchasing an additional 330 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of PPG Industries by 7.2% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 779,654 shares of the specialty chemicals company’s stock valued at $85,731,000 after purchasing an additional 52,426 shares during the last quarter. ETRADE Capital Management LLC increased its position in shares of PPG Industries by 2.6% in the 2nd quarter. ETRADE Capital Management LLC now owns 8,545 shares of the specialty chemicals company’s stock valued at $940,000 after purchasing an additional 218 shares during the last quarter. Finally, TIAA FSB purchased a new stake in shares of PPG Industries in the 2nd quarter valued at approximately $2,987,000. Institutional investors own 74.83% of the company’s stock.
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PPG Industries Company Profile
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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