Royal Bank of Canada Cuts PPG Industries (PPG) Price Target to $105.00

PPG Industries (NYSE:PPG) had its target price cut by Royal Bank of Canada to $105.00 in a research note issued to investors on Wednesday morning, The Fly reports. They currently have a sector perform rating on the specialty chemicals company’s stock.

A number of other analysts have also recently commented on the stock. Northcoast Research set a $114.00 target price on shares of PPG Industries and gave the company a buy rating in a report on Tuesday. ValuEngine cut shares of PPG Industries from a hold rating to a sell rating in a report on Tuesday. Credit Suisse Group dropped their target price on shares of PPG Industries from $119.00 to $115.00 and set a hold rating on the stock in a report on Tuesday. Vertical Research cut shares of PPG Industries from a buy rating to a hold rating in a report on Tuesday. Finally, Deutsche Bank dropped their target price on shares of PPG Industries from $124.00 to $116.00 and set a buy rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. PPG Industries currently has a consensus rating of Hold and an average target price of $118.71.

Shares of PPG stock opened at $95.09 on Wednesday. PPG Industries has a 12 month low of $94.40 and a 12 month high of $122.07. The firm has a market cap of $26.41 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 2.11 and a beta of 1.50. The company has a current ratio of 1.70, a quick ratio of 1.22 and a debt-to-equity ratio of 1.01.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 EPS for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.02. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. The firm had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the previous year, the business posted $1.83 EPS. The company’s quarterly revenue was up 8.5% on a year-over-year basis. As a group, analysts expect that PPG Industries will post 6.2 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the stock. Community Bank & Trust Waco Texas bought a new position in PPG Industries in the 3rd quarter worth about $345,000. Bank of Montreal Can boosted its stake in PPG Industries by 1.9% in the 3rd quarter. Bank of Montreal Can now owns 239,319 shares of the specialty chemicals company’s stock worth $26,115,000 after purchasing an additional 4,406 shares in the last quarter. Spearhead Capital Advisors LLC boosted its stake in PPG Industries by 2.3% in the 3rd quarter. Spearhead Capital Advisors LLC now owns 30,592 shares of the specialty chemicals company’s stock worth $3,352,000 after purchasing an additional 691 shares in the last quarter. DNB Asset Management AS boosted its stake in PPG Industries by 4.6% in the 3rd quarter. DNB Asset Management AS now owns 33,683 shares of the specialty chemicals company’s stock worth $3,676,000 after purchasing an additional 1,467 shares in the last quarter. Finally, Lourd Capital LLC bought a new position in PPG Industries in the 3rd quarter worth about $376,000. Institutional investors own 76.64% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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