The Goldman Sachs Group Has Lowered Expectations for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG) had its target price reduced by The Goldman Sachs Group from $153.00 to $135.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 16.27% from the company’s current price.

Several other equities research analysts have also weighed in on the company. UBS Group dropped their target price on PPG Industries from $128.00 to $126.00 and set a “neutral” rating on the stock in a research report on Friday, January 31st. BMO Capital Markets reissued an “outperform” rating and issued a $155.00 price target (down previously from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Royal Bank of Canada decreased their price target on PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a research note on Tuesday. Mizuho decreased their price target on PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Wells Fargo & Company decreased their target price on PPG Industries from $150.00 to $135.00 and set an “overweight” rating for the company in a research note on Monday. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.46.

PPG Industries Stock Performance

Shares of PPG stock traded up $3.54 on Thursday, hitting $116.11. 1,294,446 shares of the stock traded hands, compared to its average volume of 2,196,575. 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 company has a market capitalization of $26.94 billion, a PE ratio of 24.55, a PEG ratio of 1.99 and a beta of 1.23. PPG Industries has a 1-year low of $110.20 and a 1-year high of $145.60. The company’s fifty day moving average is $120.37 and its 200 day moving average is $123.99.

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

Institutional Investors Weigh In On PPG Industries

Several hedge funds have recently bought and sold shares of PPG. PFW Advisors LLC purchased a new stake in shares of PPG Industries during the 4th quarter worth about $868,000. Equity Investment Corp raised its stake in shares of PPG Industries by 7.0% during the 3rd 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 in the last quarter. Ritholtz Wealth Management purchased a new stake in shares of PPG Industries during the 3rd quarter worth about $604,000. JGP Wealth Management LLC purchased a new stake in shares of PPG Industries during the 4th quarter worth about $4,050,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of PPG Industries by 0.6% during 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 purchasing an additional 15,161 shares in the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.

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.