Brokerages Set PPG Industries, Inc. (NYSE:PPG) Target Price at $122.54

Shares of PPG Industries, Inc. (NYSE:PPG) have been given a consensus rating of “Hold” by the eighteen research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $122.5385.

PPG has been the topic of several research analyst reports. Zacks Research downgraded shares of PPG Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, November 10th. Sanford C. Bernstein decreased their price target on shares of PPG Industries from $129.00 to $123.00 and set an “outperform” rating on the stock in a research report on Monday, November 24th. Bank of America cut their price objective on shares of PPG Industries from $131.00 to $129.00 and set a “neutral” rating for the company in a research report on Tuesday, October 14th. Citigroup lifted their target price on PPG Industries from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Finally, JPMorgan Chase & Co. lifted their price objective on PPG Industries from $112.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday, November 21st.

PPG Industries Trading Up 1.8%

Shares of NYSE:PPG opened at $104.25 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.08 and a current ratio of 1.47. The stock’s 50-day moving average is $100.08 and its 200-day moving average is $106.20. The company has a market cap of $23.39 billion, a P/E ratio of 23.64, a P/E/G ratio of 2.71 and a beta of 1.17. PPG Industries has a 52-week low of $90.24 and a 52-week high of $124.74.

PPG Industries (NYSE:PPG) last announced its earnings results on Tuesday, October 28th. The specialty chemicals company reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.04. The firm had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.06 billion. PPG Industries had a return on equity of 23.61% and a net margin of 6.35%.The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.13 EPS. PPG Industries has set its FY 2025 guidance at 7.600-7.700 EPS. Equities research analysts predict that PPG Industries will post 7.95 earnings per share for the current year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Monday, November 10th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Monday, November 10th. PPG Industries’s dividend payout ratio is 64.40%.

Hedge Funds Weigh In On PPG Industries

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in PPG Industries in the 2nd quarter valued at $362,412,000. Wellington Management Group LLP boosted its stake in shares of PPG Industries by 19.9% in the 3rd quarter. Wellington Management Group LLP now owns 15,159,770 shares of the specialty chemicals company’s stock valued at $1,593,443,000 after purchasing an additional 2,521,004 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of PPG Industries by 39.4% in the 3rd quarter. Franklin Resources Inc. now owns 4,695,477 shares of the specialty chemicals company’s stock valued at $493,542,000 after purchasing an additional 1,326,619 shares in the last quarter. Holocene Advisors LP grew its holdings in shares of PPG Industries by 342.8% in the 2nd quarter. Holocene Advisors LP now owns 1,688,870 shares of the specialty chemicals company’s stock worth $192,109,000 after purchasing an additional 1,307,468 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of PPG Industries by 21.2% during the 2nd quarter. First Eagle Investment Management LLC now owns 5,560,280 shares of the specialty chemicals company’s stock worth $632,482,000 after purchasing an additional 971,799 shares in the last quarter. 81.86% of the stock is owned by institutional investors and hedge funds.

About PPG Industries

PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.

PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.