Raymond James Financial assumed coverage on shares of PPG Industries (NYSE:PPG) in a report issued on Tuesday. The brokerage issued an outperform rating and a $139.00 target price on the specialty chemicals company’s stock.
Several other equities research analysts also recently commented on PPG. KeyCorp reiterated a buy rating and issued a $125.00 price objective on shares of PPG Industries in a report on Friday, August 25th. Robert W. Baird reiterated a buy rating and issued a $115.00 price objective on shares of PPG Industries in a report on Friday, September 1st. Royal Bank of Canada reiterated a hold rating and issued a $109.00 price objective on shares of PPG Industries in a report on Wednesday, September 13th. Jefferies Group reiterated a buy rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, September 15th. Finally, Zacks Investment Research downgraded PPG Industries from a hold rating to a sell rating in a report on Monday, September 25th. Ten investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. PPG Industries presently has an average rating of Hold and a consensus target price of $120.63.
PPG Industries (NYSE PPG) opened at $116.31 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. The stock has a market capitalization of $29,552.29, a PE ratio of 19.72, a PEG ratio of 2.31 and a beta of 1.59. PPG Industries has a 52-week low of $93.80 and a 52-week high of $119.85.
PPG Industries declared that its board has authorized a share buyback plan on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th were given a dividend of $0.45 per share. The ex-dividend date was Thursday, November 9th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. PPG Industries’s payout ratio is currently 26.12%.
Several hedge funds have recently bought and sold shares of PPG. Capital Research Global Investors purchased a new position in PPG Industries in the 2nd quarter worth approximately $192,226,000. American Century Companies Inc. lifted its holdings in PPG Industries by 408.2% in the 3rd quarter. American Century Companies Inc. now owns 1,878,315 shares of the specialty chemicals company’s stock worth $204,098,000 after purchasing an additional 1,508,715 shares in the last quarter. Nordea Investment Management AB lifted its holdings in PPG Industries by 52.6% in the 2nd quarter. Nordea Investment Management AB now owns 2,758,249 shares of the specialty chemicals company’s stock worth $303,297,000 after purchasing an additional 950,967 shares in the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in PPG Industries in the 3rd quarter worth approximately $63,331,000. Finally, Principal Financial Group Inc. lifted its holdings in PPG Industries by 137.0% in the 2nd quarter. Principal Financial Group Inc. now owns 889,949 shares of the specialty chemicals company’s stock worth $97,858,000 after purchasing an additional 514,393 shares in the last quarter. 75.00% of the stock is currently owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION NOTICE: “PPG Industries (PPG) Now Covered by Analysts at Raymond James Financial” was first reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are viewing this piece of content on another publication, it was illegally copied and reposted in violation of US & international copyright and trademark law. The legal version of this piece of content can be viewed at https://sportsperspectives.com/2017/12/20/ppg-industries-ppg-now-covered-by-analysts-at-raymond-james-financial.html.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.