PPG Industries, Inc. (NYSE:PPG) Receives Consensus Rating of “Hold” from Brokerages

Shares of PPG Industries, Inc. (NYSE:PPGGet Free Report) have received an average recommendation of “Hold” from the seventeen ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $155.47.

Several analysts have recently weighed in on PPG shares. KeyCorp dropped their price target on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating for the company in a research note on Monday, April 22nd. BMO Capital Markets decreased their price objective on shares of PPG Industries from $168.00 to $165.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Barclays decreased their price objective on shares of PPG Industries from $149.00 to $148.00 and set an “equal weight” rating on the stock in a report on Monday, April 22nd. Citigroup decreased their price objective on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Finally, Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $150.00 to $163.00 in a report on Thursday, April 11th.

View Our Latest Analysis on PPG

Insider Buying and Selling at PPG Industries

In related news, CEO Timothy M. Knavish bought 2,061 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were purchased at an average cost of $133.24 per share, with a total value of $274,607.64. Following the transaction, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,774,388.92. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PPG. Vanguard Group Inc. grew its position in shares of PPG Industries by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after buying an additional 4,222,402 shares during the last quarter. Norges Bank purchased a new position in PPG Industries during the 4th quarter worth $554,685,000. Invesco Ltd. grew its position in 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 purchasing an additional 959,849 shares during the last quarter. Assenagon Asset Management S.A. grew its position in 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 purchasing an additional 707,903 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in PPG Industries during the 4th quarter worth $74,492,000. 81.86% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Stock Performance

NYSE:PPG opened at $128.46 on Tuesday. The company’s 50-day moving average price is $133.48 and its 200-day moving average price is $139.78. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. The company has a market cap of $30.12 billion, a P/E ratio of 21.70, a P/E/G ratio of 1.59 and a beta of 1.28. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89.

PPG Industries (NYSE:PPGGet Free Report) last posted its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, hitting the consensus estimate of $1.86. PPG Industries had a net margin of 7.74% and a return on equity of 22.98%. The firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period last year, the firm posted $1.82 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, sell-side analysts forecast that PPG Industries will post 8.44 earnings per share for the current fiscal year.

PPG Industries announced that its Board of Directors has approved a share buyback plan on Thursday, April 18th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

PPG Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, May 9th. PPG Industries’s dividend payout ratio is presently 43.92%.

About PPG Industries

(Get Free Report

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.

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Analyst Recommendations for PPG Industries (NYSE:PPG)

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