PPG Industries (NYSE:PPG) Given New $138.00 Price Target at Royal Bank of Canada

PPG Industries (NYSE:PPG) had its price target lowered by investment analysts at Royal Bank of Canada from $141.00 to $138.00 in a research report issued to clients and investors on Wednesday, BenzingaRatingsTable reports. The firm presently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 9.62% from the company’s current price.

PPG has been the subject of several other research reports. Goldman Sachs Group cut shares of PPG Industries from a “conviction-buy” rating to a “buy” rating in a research report on Monday, November 18th. Berenberg Bank started coverage on PPG Industries in a report on Wednesday, November 6th. They set a “buy” rating and a $150.00 price objective on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $130.00 price objective on shares of PPG Industries in a research report on Friday, November 1st. Deutsche Bank lifted their target price on PPG Industries from $135.00 to $148.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Finally, BMO Capital Markets dropped their target price on PPG Industries to $136.00 and set a “market perform” rating for the company in a research report on Wednesday. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $131.28.

Shares of NYSE:PPG opened at $125.89 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.41 and a debt-to-equity ratio of 1.02. The firm has a market cap of $30.38 billion, a P/E ratio of 24.16, a P/E/G ratio of 2.33 and a beta of 1.24. PPG Industries has a 12 month low of $100.90 and a 12 month high of $134.36. The company’s 50-day moving average price is $131.13 and its two-hundred day moving average price is $121.95.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 16th. The specialty chemicals company reported $1.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.34 by ($0.03). PPG Industries had a return on equity of 28.55% and a net margin of 8.21%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the prior year, the firm posted $1.15 earnings per share. The company’s revenue was up .7% on a year-over-year basis. As a group, equities analysts predict that PPG Industries will post 6.63 earnings per share for the current fiscal year.

In other news, CEO Michael H. Mcgarry sold 30,450 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $130.00, for a total value of $3,958,500.00. Following the sale, the chief executive officer now directly owns 149,884 shares in the company, valued at approximately $19,484,920. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.37% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc raised its stake in PPG Industries by 0.4% in the third quarter. CIBC Asset Management Inc now owns 21,807 shares of the specialty chemicals company’s stock worth $2,584,000 after buying an additional 88 shares in the last quarter. OLD Dominion Capital Management Inc. raised its holdings in PPG Industries by 0.9% in the third quarter. OLD Dominion Capital Management Inc. now owns 10,631 shares of the specialty chemicals company’s stock valued at $1,260,000 after acquiring an additional 90 shares in the last quarter. Baystate Wealth Management LLC raised its holdings in shares of PPG Industries by 12.7% in the 4th quarter. Baystate Wealth Management LLC now owns 916 shares of the specialty chemicals company’s stock valued at $122,000 after purchasing an additional 103 shares in the last quarter. FinTrust Capital Advisors LLC lifted its holdings in PPG Industries by 25.7% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 514 shares of the specialty chemicals company’s stock worth $61,000 after buying an additional 105 shares during the last quarter. Finally, Domani Wealth LLC boosted its holdings in PPG Industries by 2.2% in the third quarter. Domani Wealth LLC now owns 4,907 shares of the specialty chemicals company’s stock valued at $582,000 after purchasing an additional 107 shares in the last quarter. Institutional investors and hedge funds own 77.07% of the company’s stock.

About PPG Industries

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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Analyst Recommendations for PPG Industries (NYSE:PPG)

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