PPG Industries (NYSE:PPG) Given New $141.00 Price Target at Royal Bank of Canada

PPG Industries (NYSE:PPG) had its price objective 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 firm currently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 8.42% from the company’s previous close.

PPG has been the subject of several other reports. Robert W. Baird reaffirmed an “outperform” rating and issued a $150.00 price objective on shares of PPG Industries in a research note on Friday, January 19th. Citigroup cut their target price on PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a research report on Wednesday, April 10th. KeyCorp cut their target price on PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a research report on Monday. UBS Group cut their price objective on PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Wells Fargo & Company upgraded PPG Industries from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, PPG Industries has an average rating of “Moderate Buy” and an average price target of $155.50.

PPG Industries Price Performance

Shares of NYSE:PPG traded down $0.85 during trading on Monday, hitting $130.05. 654,919 shares of the company’s stock were exchanged, compared to its average volume of 1,756,544. The company has a market cap of $30.61 billion, a price-to-earnings ratio of 21.97, a PEG ratio of 1.56 and a beta of 1.28. The business’s 50-day simple moving average is $140.36 and its 200 day simple moving average is $138.99. 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 has a 52-week low of $120.32 and a 52-week high of $152.89.

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

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $140.94, for a total transaction of $479,196.00. Following the sale, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of PPG Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. OFI Invest Asset Management acquired a new stake in PPG Industries during the third quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new position in PPG Industries during the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. boosted its position in PPG Industries by 588.5% during the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 153 shares in the last quarter. Private Wealth Management Group LLC purchased a new position in PPG Industries during the fourth quarter worth approximately $27,000. Finally, CVA Family Office LLC purchased a new position in PPG Industries during the fourth quarter worth approximately $28,000. 81.86% 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 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.