PPG Industries (NYSE:PPG) PT Lowered to $141.00 at Royal Bank of Canada

PPG Industries (NYSE:PPG) had its target price cut by investment analysts at Royal Bank of Canada from $156.00 to $141.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 8.13% from the stock’s current price.

Several other equities research analysts have also issued reports on PPG. Citigroup lowered their price objective on PPG Industries from $170.00 to $161.00 and set a “buy” rating for the company in a research note on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft lowered their price objective on PPG Industries from $160.00 to $155.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company raised PPG Industries from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $150.00 to $163.00 in a research note on Thursday, April 11th. Vertical Research raised PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, January 3rd. Finally, Barclays decreased their price target on PPG Industries from $149.00 to $148.00 and set an “equal weight” rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, PPG Industries has an average rating of “Hold” and an average target price of $155.50.

PPG Industries Price Performance

NYSE:PPG opened at $130.40 on Monday. The firm has a market capitalization of $30.69 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 1.56 and a beta of 1.28. PPG Industries has a 1 year low of $120.32 and a 1 year high of $152.89. The business has a 50 day simple moving average of $140.00 and a 200-day simple moving average of $138.97. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.86. The business had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period last year, the company earned $1.82 EPS. Equities analysts forecast that PPG Industries will post 8.46 EPS for the current year.

PPG Industries announced that its Board of Directors has authorized a share buyback plan on Thursday, April 18th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the specialty chemicals company to purchase up to 8.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of PPG Industries stock in a transaction on Friday, March 1st. The stock was sold at an average price of $140.94, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 28,439 shares in the company, valued at approximately $4,008,192.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PPG. Godsey & Gibb Inc. grew its stake in PPG Industries by 4.4% during the 1st quarter. Godsey & Gibb Inc. now owns 2,584 shares of the specialty chemicals company’s stock worth $374,000 after buying an additional 109 shares during the last quarter. Global Retirement Partners LLC grew its stake in PPG Industries by 14.8% during the 1st quarter. Global Retirement Partners LLC now owns 9,627 shares of the specialty chemicals company’s stock worth $1,395,000 after buying an additional 1,238 shares during the last quarter. Wesbanco Bank Inc. grew its stake in PPG Industries by 84.0% during the 1st quarter. Wesbanco Bank Inc. now owns 70,723 shares of the specialty chemicals company’s stock worth $10,248,000 after buying an additional 32,294 shares during the last quarter. Revisor Wealth Management LLC grew its stake in PPG Industries by 132.0% during the 1st quarter. Revisor Wealth Management LLC now owns 4,903 shares of the specialty chemicals company’s stock worth $722,000 after buying an additional 2,790 shares during the last quarter. Finally, Confluence Wealth Services Inc. grew its stake in PPG Industries by 56.4% during the 1st quarter. Confluence Wealth Services Inc. now owns 8,672 shares of the specialty chemicals company’s stock worth $1,257,000 after buying an additional 3,128 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

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.