PPG Industries (NYSE:PPG) Earns Neutral Rating from Bank of America

Bank of America reiterated their neutral rating on shares of PPG Industries (NYSE:PPG) in a report published on Tuesday morning, MarketBeat reports. Bank of America currently has a $126.00 price target on the specialty chemicals company’s stock, down from their previous price target of $143.00.

Several other equities research analysts have also recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of PPG Industries from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Mizuho lowered their price objective on PPG Industries from $150.00 to $140.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Argus cut PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, March 10th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Finally, Barclays reiterated an “equal weight” rating on shares of PPG Industries in a research report on Monday, February 3rd. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $132.31.

PPG Industries Price Performance

NYSE PPG opened at $99.63 on Tuesday. PPG Industries has a 1 year low of $90.24 and a 1 year high of $137.24. The company has a fifty day simple moving average of $110.28 and a 200 day simple moving average of $118.62. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The company has a market cap of $22.61 billion, a P/E ratio of 21.06, a P/E/G ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. On average, sell-side analysts predict that PPG Industries will post 7.95 EPS for the current year.

PPG Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st were paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Friday, February 21st. PPG Industries’s dividend payout ratio is presently 57.51%.

Insider Activity

In other PPG Industries news, CEO Timothy M. Knavish sold 4,800 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $118.35, for a total value of $568,080.00. Following the transaction, the chief executive officer now directly owns 35,833 shares in the company, valued at approximately $4,240,835.55. This trade represents a 11.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On PPG Industries

Several large investors have recently made changes to their positions in PPG. Mutual Advisors LLC grew its position in shares of PPG Industries by 3.6% during the 4th quarter. Mutual Advisors LLC now owns 2,666 shares of the specialty chemicals company’s stock worth $319,000 after buying an additional 92 shares during the period. LRI Investments LLC boosted its stake in PPG Industries by 25.3% in the fourth quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company’s stock valued at $54,000 after acquiring an additional 92 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in PPG Industries by 28.3% during the 4th 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. Kingsview Wealth Management LLC raised its position in shares of PPG Industries by 1.3% during the 4th quarter. Kingsview Wealth Management LLC now owns 8,288 shares of the specialty chemicals company’s stock valued at $990,000 after acquiring an additional 103 shares during the last quarter. Finally, Sachetta LLC lifted its stake in shares of PPG Industries by 18.4% in the 4th quarter. Sachetta LLC now owns 675 shares of the specialty chemicals company’s stock valued at $81,000 after purchasing an additional 105 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.

PPG Industries Company Profile

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.