PPG Industries (NYSE:PPG) Given New $130.00 Price Target at Wells Fargo & Company

PPG Industries (NYSE:PPG) had its price objective lowered by Wells Fargo & Company from $135.00 to $130.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the specialty chemicals company’s stock.

PPG has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft cut their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Royal Bank of Canada reduced their target price on shares of PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a report on Tuesday, February 4th. KeyCorp cut shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, December 16th. Barclays reiterated an “equal weight” rating on shares of PPG Industries in a research note on Monday, February 3rd. Finally, Citigroup cut 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 Wednesday, December 18th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $137.77.

PPG Industries Stock Down 5.5 %

NYSE:PPG opened at $104.02 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. PPG Industries has a 1-year low of $103.89 and a 1-year high of $143.98. The company has a 50-day moving average of $114.22 and a 200 day moving average of $120.73. The firm has a market cap of $23.61 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG) last announced its quarterly 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%. As a group, research analysts anticipate that PPG Industries will post 7.95 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 21st were paid a dividend of $0.68 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $2.72 annualized dividend and a yield of 2.61%. PPG Industries’s payout ratio is presently 57.51%.

Insider Activity

In related news, CEO Timothy M. Knavish sold 4,800 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 35,833 shares in the company, valued at $4,240,835.55. This represents a 11.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of PPG Industries

Several institutional investors and hedge funds have recently bought and sold shares of PPG. FMR LLC lifted its position in PPG Industries by 68.3% during the third quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock valued at $115,757,000 after purchasing an additional 354,740 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of PPG Industries by 11.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 10,038 shares of the specialty chemicals company’s stock valued at $1,330,000 after buying an additional 1,000 shares during the period. Benjamin Edwards Inc. boosted its stake in shares of PPG Industries by 329.1% in the third quarter. Benjamin Edwards Inc. now owns 22,108 shares of the specialty chemicals company’s stock worth $2,928,000 after buying an additional 16,956 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of PPG Industries by 13.5% in the third quarter. HighTower Advisors LLC now owns 74,837 shares of the specialty chemicals company’s stock worth $9,914,000 after buying an additional 8,905 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in PPG Industries by 10.0% during the third quarter. Janus Henderson Group PLC now owns 36,422 shares of the specialty chemicals company’s stock valued at $4,824,000 after acquiring an additional 3,300 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors and hedge funds.

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.