Royal Bank of Canada reaffirmed their hold rating on shares of PPG Industries (NYSE:PPG) in a research report report published on Wednesday morning. They currently have a $115.00 target price on the specialty chemicals company’s stock.
Several other equities research analysts have also weighed in on PPG. Atlantic Securities lowered PPG Industries from an overweight rating to a neutral rating in a report on Wednesday. Jefferies Group reaffirmed a buy rating and issued a $135.00 price target on shares of PPG Industries in a research report on Wednesday, January 3rd. Zacks Investment Research downgraded PPG Industries from a hold rating to a sell rating in a research report on Monday, September 25th. Citigroup lifted their price target on PPG Industries from $112.00 to $114.00 and gave the stock a buy rating in a research report on Monday, October 2nd. Finally, Raymond James Financial began coverage on PPG Industries in a research report on Tuesday, December 19th. They issued an outperform rating and a $139.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $123.40.
PPG Industries (NYSE:PPG) traded up $3.91 on Wednesday, reaching $118.41. The company had a trading volume of 3,734,635 shares, compared to its average volume of 1,702,125. PPG Industries has a 12-month low of $96.00 and a 12-month high of $122.07. The company has a current ratio of 1.65, a quick ratio of 1.26 and a debt-to-equity ratio of 0.68. The firm has a market cap of $30,130.00, a price-to-earnings ratio of 23.59, a P/E/G ratio of 2.09 and a beta of 1.60.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.52%. PPG Industries’s dividend payout ratio is currently 35.86%.
PPG Industries declared that its Board of Directors has approved a stock buyback program on Thursday, December 14th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Research Global Investors bought a new stake in shares of PPG Industries during the second quarter valued at approximately $192,226,000. American Century Companies Inc. increased its position in shares of PPG Industries by 408.2% during the third quarter. American Century Companies Inc. now owns 1,878,315 shares of the specialty chemicals company’s stock valued at $204,098,000 after purchasing an additional 1,508,715 shares during the period. Nordea Investment Management AB increased its position in shares of PPG Industries by 52.6% during the second quarter. Nordea Investment Management AB now owns 2,758,249 shares of the specialty chemicals company’s stock valued at $303,297,000 after purchasing an additional 950,967 shares during the period. Old Mutual Global Investors UK Ltd. bought a new stake in shares of PPG Industries during the third quarter valued at approximately $63,331,000. Finally, Wells Fargo & Company MN increased its position in shares of PPG Industries by 18.8% during the third quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock valued at $348,987,000 after purchasing an additional 509,356 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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