PPG Industries (NYSE:PPG) Price Target Lowered to $113.00 at Citigroup

PPG Industries (NYSE:PPG) had its target price lowered by research analysts at Citigroup from $135.00 to $113.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s price objective would suggest a potential upside of 9.32% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut shares of PPG Industries from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $145.00 to $115.00 in a report on Wednesday, February 12th. 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 report on Thursday, February 6th. UBS Group cut their price target on shares of PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a report on Friday, January 31st. Barclays reissued an “equal weight” rating on shares of PPG Industries in a report on Monday, February 3rd. Finally, Argus cut shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, March 10th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $134.15.

PPG Industries Stock Performance

Shares of PPG stock opened at $103.37 on Tuesday. 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 firm has a fifty day moving average price of $111.31 and a 200 day moving average price of $119.48. The company has a market cap of $23.46 billion, a P/E ratio of 21.85, a PEG ratio of 2.19 and a beta of 1.16. PPG Industries has a 12 month low of $90.24 and a 12 month high of $139.73.

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%. Sell-side analysts predict that PPG Industries will post 7.95 earnings per share for the current fiscal year.

Insider Buying and Selling at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the completion of the transaction, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,240,835.55. This trade represents a 11.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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% during the 4th quarter. LRI Investments LLC now owns 456 shares of the specialty chemicals company’s stock worth $54,000 after acquiring an additional 92 shares during the last quarter. Groupama Asset Managment boosted its stake in PPG Industries by 1.2% during the 3rd 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 last quarter. MassMutual Private Wealth & Trust FSB boosted its stake 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 last quarter. Finally, Kingsview Wealth Management LLC boosted its stake in 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 worth $990,000 after acquiring an additional 103 shares during the last quarter. 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.