The Goldman Sachs Group Increases PPG Industries (NYSE:PPG) Price Target to $192.00

PPG Industries (NYSE:PPG) had its price objective upped by equities research analysts at The Goldman Sachs Group from $187.00 to $192.00 in a report released on Tuesday, The Fly reports. The firm currently has a “buy” rating on the specialty chemicals company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 10.44% from the company’s previous close.

Several other equities analysts have also recently weighed in on PPG. Argus lifted their target price on PPG Industries from $157.00 to $193.00 and gave the company a “buy” rating in a research note on Monday, April 26th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating and set a $177.00 price objective on the stock in a research report on Tuesday, April 20th. Vertical Research upgraded PPG Industries from a “hold” rating to a “buy” rating in a research report on Monday, January 25th. BMO Capital Markets upped their price target on PPG Industries from $185.00 to $193.00 and gave the company an “outperform” rating in a research note on Monday, April 26th. Finally, Wells Fargo & Company increased their target price on PPG Industries from $173.00 to $195.00 and gave the company an “overweight” rating in a research note on Monday, April 19th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $167.65.

NYSE PPG opened at $173.85 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.52 and a quick ratio of 1.16. PPG Industries has a 12 month low of $81.43 and a 12 month high of $181.35. The company has a market cap of $41.22 billion, a P/E ratio of 38.38, a P/E/G ratio of 3.21 and a beta of 1.11. The company has a 50-day moving average of $163.24 and a 200-day moving average of $147.37.

PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Wednesday, April 14th. The specialty chemicals company reported $1.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.31. The firm had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.68 billion. PPG Industries had a return on equity of 25.01% and a net margin of 7.85%. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the business posted $1.19 earnings per share. As a group, equities research analysts anticipate that PPG Industries will post 5.67 EPS for the current year.

In other PPG Industries news, SVP Vadlamannati Ramaprasad sold 20,956 shares of the company’s stock in a transaction dated Tuesday, April 20th. The shares were sold at an average price of $168.84, for a total value of $3,538,211.04. Following the transaction, the senior vice president now directly owns 28,192 shares in the company, valued at approximately $4,759,937.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PPG. JPMorgan Chase & Co. boosted its holdings in PPG Industries by 55.6% in the first quarter. JPMorgan Chase & Co. now owns 13,067,664 shares of the specialty chemicals company’s stock worth $1,963,549,000 after purchasing an additional 4,671,397 shares during the period. Norges Bank purchased a new position in PPG Industries in the 4th quarter worth about $646,570,000. Geode Capital Management LLC grew its stake in PPG Industries by 2.6% during the 1st quarter. Geode Capital Management LLC now owns 3,940,046 shares of the specialty chemicals company’s stock valued at $590,435,000 after acquiring an additional 100,820 shares in the last quarter. Morgan Stanley lifted its holdings in shares of PPG Industries by 46.4% during the 4th quarter. Morgan Stanley now owns 2,117,435 shares of the specialty chemicals company’s stock valued at $305,378,000 after buying an additional 671,287 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in PPG Industries by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,346,059 shares of the specialty chemicals company’s stock worth $194,122,000 after purchasing an additional 9,957 shares during the last quarter. 78.36% of the stock is owned by institutional investors and hedge funds.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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Analyst Recommendations for PPG Industries (NYSE:PPG)

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