Royal Bank of Canada Cuts PPG Industries (NYSE:PPG) Price Target to $120.00

PPG Industries (NYSE:PPG) had its price target trimmed by Royal Bank of Canada from $128.00 to $120.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a sector perform rating on the specialty chemicals company’s stock.

Several other equities research analysts have also recently weighed in on PPG. Citigroup lowered their price target on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price target (down previously from $160.00) on shares of PPG Industries in a research report on Monday, October 21st. KeyCorp cut shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 16th. UBS Group reduced their price objective on shares of PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a research note on Friday, January 31st. Finally, StockNews.com lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, PPG Industries has an average rating of “Moderate Buy” and an average price target of $140.46.

PPG Industries Stock Performance

Shares of NYSE:PPG opened at $115.93 on Tuesday. The company has a market capitalization of $26.90 billion, a price-to-earnings ratio of 24.51, a PEG ratio of 1.99 and a beta of 1.23. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. PPG Industries has a 12 month low of $110.20 and a 12 month high of $145.60. The firm’s 50-day moving average is $120.37 and its 200 day moving average is $123.99.

PPG Industries (NYSE:PPG) last released its quarterly earnings data 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%. Research analysts predict that PPG Industries will post 7.9 EPS for the current year.

PPG Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 21st will be paid a $0.68 dividend. The ex-dividend date is Friday, February 21st. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.35%. PPG Industries’s payout ratio is currently 57.51%.

Institutional Trading of PPG Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Insight Folios Inc increased its stake in shares of PPG Industries by 3.8% in the third quarter. Insight Folios Inc now owns 2,217 shares of the specialty chemicals company’s stock worth $294,000 after acquiring an additional 81 shares during the period. Alpha DNA Investment Management LLC increased its stake in shares of PPG Industries by 1.1% in the third quarter. Alpha DNA Investment Management LLC now owns 8,344 shares of the specialty chemicals company’s stock worth $1,105,000 after acquiring an additional 92 shares during the period. Mutual Advisors LLC increased its stake in shares of PPG Industries by 3.6% in the fourth quarter. Mutual Advisors LLC now owns 2,666 shares of the specialty chemicals company’s stock worth $319,000 after acquiring an additional 92 shares during the period. Groupama Asset Managment increased its stake in shares of PPG Industries by 1.2% in the third quarter. Groupama Asset Managment now owns 7,750 shares of the specialty chemicals company’s stock worth $1,027,000 after acquiring an additional 93 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of PPG Industries by 28.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 431 shares of the specialty chemicals company’s stock worth $51,000 after acquiring an additional 95 shares during the period. 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.