Bank of America Lowers PPG Industries (NYSE:PPG) Price Target to $164.00

PPG Industries (NYSE:PPG) had its price objective lowered by stock analysts at Bank of America from $167.00 to $164.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Bank of America‘s price objective suggests a potential upside of 25.77% from the company’s current price.

Other analysts have also issued research reports about the stock. Evercore ISI lowered shares of PPG Industries from an “outperform” rating to an “in-line” rating and set a $152.00 price target for the company. in a report on Monday. Robert W. Baird reissued an “outperform” rating and issued a $150.00 price target on shares of PPG Industries in a report on Friday, January 19th. Royal Bank of Canada reduced their price objective on shares of PPG Industries from $158.00 to $156.00 and set a “sector perform” rating on the stock in a research note on Monday, January 22nd. KeyCorp reduced their price objective on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Wells Fargo & Company raised shares of PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, PPG Industries has a consensus rating of “Hold” and a consensus target price of $155.50.

PPG Industries Stock Performance

NYSE PPG opened at $130.40 on Monday. The firm has a market cap of $30.69 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 1.56 and a beta of 1.28. The company has a 50 day moving average of $140.00 and a 200-day moving average of $138.97. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72. PPG Industries has a 1-year low of $120.32 and a 1-year high of $152.89.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. The company had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The company’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business posted $1.82 earnings per share. On average, equities analysts forecast that PPG Industries will post 8.46 earnings per share for the current fiscal year.

PPG Industries announced that its Board of Directors has approved a share repurchase program on Thursday, April 18th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PPG. Norges Bank acquired a new position in shares of PPG Industries during the 4th quarter worth about $554,685,000. Vanguard Group Inc. boosted its holdings in shares of PPG Industries by 17.2% during the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock worth $3,661,083,000 after buying an additional 3,600,558 shares during the period. Invesco Ltd. boosted its holdings in shares of PPG Industries by 41.1% during the 3rd quarter. Invesco Ltd. now owns 3,294,142 shares of the specialty chemicals company’s stock worth $427,580,000 after buying an additional 959,849 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of PPG Industries by 4,484.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 723,690 shares of the specialty chemicals company’s stock worth $108,228,000 after buying an additional 707,903 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of PPG Industries during the 4th quarter worth about $74,492,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.