UBS Group Trims PPG Industries (NYSE:PPG) Target Price to $140.00

PPG Industries (NYSE:PPG) had its price objective cut by UBS Group from $150.00 to $140.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a neutral rating on the specialty chemicals company’s stock.

Other analysts also recently issued research reports about the stock. Citigroup lowered their target price on shares of PPG Industries from $170.00 to $161.00 and set a buy rating on the stock in a report on Wednesday, April 10th. Seaport Res Ptn raised PPG Industries from a neutral rating to a buy rating in a report on Monday, April 22nd. Barclays dropped their price objective on PPG Industries from $149.00 to $148.00 and set an equal weight rating on the stock in a report on Monday, April 22nd. StockNews.com raised PPG Industries from a hold rating to a buy rating in a report on Tuesday, April 30th. Finally, BMO Capital Markets cut their price target on shares of PPG Industries from $168.00 to $165.00 and set an outperform rating for the company in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $154.80.

PPG Industries Trading Up 2.4 %

NYSE PPG opened at $129.71 on Tuesday. The firm’s fifty day moving average is $129.92 and its two-hundred day moving average is $137.06. PPG Industries has a one year low of $120.32 and a one year high of $152.89. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.08 and a current ratio of 1.55. The firm has a market cap of $30.42 billion, a PE ratio of 21.91, a P/E/G ratio of 1.58 and a beta of 1.26.

PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 EPS for the quarter, meeting the consensus estimate of $1.86. The firm had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 22.98% and a net margin of 7.74%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.82 EPS. Analysts expect that PPG Industries will post 8.44 earnings per share for the current year.

PPG Industries declared that its Board of Directors has authorized a stock buyback program on Thursday, April 18th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, May 9th. PPG Industries’s payout ratio is 43.92%.

Insider Activity at PPG Industries

In related news, CEO Timothy M. Knavish acquired 2,061 shares of the stock in a transaction dated Wednesday, May 8th. The stock was bought at an average cost of $133.24 per share, with a total value of $274,607.64. Following the purchase, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,774,388.92. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. J.W. Cole Advisors Inc. increased its position in shares of PPG Industries by 6.7% during the fourth quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company’s stock worth $1,646,000 after acquiring an additional 690 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in PPG Industries by 49.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 28,345 shares of the specialty chemicals company’s stock worth $4,239,000 after acquiring an additional 9,384 shares during the period. Cerity Partners LLC raised its holdings in shares of PPG Industries by 137.5% in the 4th quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company’s stock worth $5,224,000 after purchasing an additional 20,226 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of PPG Industries in the fourth quarter valued at $22,048,000. Finally, Perpetual Ltd lifted its holdings in shares of PPG Industries by 416.5% during the first quarter. Perpetual Ltd now owns 7,365 shares of the specialty chemicals company’s stock valued at $1,067,000 after purchasing an additional 5,939 shares during the last quarter. Hedge funds and other institutional investors 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.