Wells Fargo & Company Has Lowered Expectations for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG) had its price target reduced by analysts at Wells Fargo & Company from $150.00 to $135.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 19.63% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. KeyCorp cut PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, December 16th. Mizuho decreased their target price on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. UBS Group dropped their price target on shares of PPG Industries from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Friday. Citigroup lowered their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada cut their price objective on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a report on Tuesday, October 22nd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $144.67.

PPG Industries Stock Performance

Shares of NYSE PPG traded down $2.54 during mid-day trading on Monday, hitting $112.85. The company had a trading volume of 650,389 shares, compared to its average volume of 2,108,481. PPG Industries has a 12 month low of $110.20 and a 12 month high of $145.60. The stock has a market cap of $26.18 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 1.99 and a beta of 1.23. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The firm’s 50 day simple moving average is $121.11 and its two-hundred day simple moving average is $124.33.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. As a group, equities research analysts forecast that PPG Industries will post 7.9 earnings per share for the current year.

Institutional Trading of PPG Industries

Several hedge funds and other institutional investors have recently modified their holdings of PPG. PFW Advisors LLC acquired a new stake in PPG Industries during the 4th quarter worth about $868,000. Equity Investment Corp boosted its holdings in shares of PPG Industries by 7.0% during the third quarter. Equity Investment Corp now owns 649,301 shares of the specialty chemicals company’s stock worth $86,006,000 after purchasing an additional 42,380 shares during the period. Ritholtz Wealth Management purchased a new position in PPG Industries during the third quarter valued at approximately $604,000. JGP Wealth Management LLC acquired a new position in PPG Industries in the 4th quarter valued at approximately $4,050,000. Finally, Charles Schwab Investment Management Inc. lifted its position in PPG Industries by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,571,753 shares of the specialty chemicals company’s stock worth $340,654,000 after buying an additional 15,161 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

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.