PPG Industries (NYSE:PPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “PPG Industries is taking steps for growing organically as well as cutting costs. The company also remains committed to deploy cash on acquisitions and share repurchases. However, PPG Industries has underperformed the industry it belongs to over the past six months. PPG Industries is exposed to raw materials cost pressure, which is affecting margins. Moreover, it faces headwinds from unfavorable impacts of hurricanes which may continue to affect sales volume and margins in the fourth quarter. PPG Industries also faces macroeconomic challenges. Some of its end-markets including marine still remain sluggish.”
A number of other equities analysts have also recently issued reports on the stock. Jefferies Group reiterated a “buy” rating and issued a $135.00 price target on shares of PPG Industries in a research note on Wednesday. Raymond James Financial assumed coverage on shares of PPG Industries in a research note on Tuesday, December 19th. They set an “outperform” rating and a $139.00 target price on the stock. Wells Fargo & Co restated a “market perform” rating and set a $120.00 target price (up previously from $110.00) on shares of PPG Industries in a research note on Tuesday, November 28th. They noted that the move was a valuation call. Citigroup upped their target price 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. Finally, Robert W. Baird upped their target price 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. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. PPG Industries currently has an average rating of “Hold” and a consensus target price of $121.56.
PPG Industries (NYSE PPG) opened at $118.92 on Thursday. The stock has a market cap of $30,260.00, a PE ratio of 23.69, a P/E/G ratio of 2.11 and a beta of 1.60. PPG Industries has a one year low of $94.62 and a one 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.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.52. The company had revenue of $3.78 billion for the quarter, compared to analysts’ expectations of $3.75 billion. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. PPG Industries’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS. analysts expect that PPG Industries will post 5.89 earnings per share for the current year.
PPG Industries announced that its board has approved a stock buyback 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 generally a sign that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PPG. Bruderman Asset Management LLC purchased a new stake in shares of PPG Industries during the 2nd quarter valued at about $105,000. Bristlecone Advisors LLC purchased a new stake in shares of PPG Industries during the 3rd quarter valued at about $179,000. Ropes Wealth Advisors LLC increased its position in shares of 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 last quarter. Checchi Capital Advisers LLC purchased a new stake in shares of PPG Industries during the 3rd quarter valued at about $200,000. Finally, Sun Life Financial INC increased its position in shares of 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 last quarter. 74.99% of the stock is owned by hedge funds and other institutional investors.
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.
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