PPG Industries (NYSE:PPG) Given New $115.00 Price Target at Buckingham Research

PPG Industries (NYSE:PPG) had its price target lifted by Buckingham Research from $110.00 to $115.00 in a report issued on Tuesday, BenzingaRatingsTable reports. Buckingham Research currently has a neutral rating on the specialty chemicals company’s stock.

Several other research firms have also issued reports on PPG. JPMorgan Chase & Co. set a $45.00 price objective on Ciena and gave the company a buy rating in a research note on Friday, March 22nd. Barclays set a $46.00 price target on D. R. Horton and gave the stock a buy rating in a research note on Friday, April 26th. Societe Generale initiated coverage on PPG Industries in a research note on Tuesday, July 9th. They set a buy rating and a $138.00 price target for the company. KeyCorp set a $37.00 price target on SeaWorld Entertainment and gave the stock a buy rating in a research note on Friday, April 12th. Finally, BMO Capital Markets reaffirmed a hold rating and set a $45.00 price target on shares of SAP in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. PPG Industries presently has an average rating of Buy and an average price target of $120.76.

NYSE:PPG opened at $117.51 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.40 and a debt-to-equity ratio of 0.92. The stock has a fifty day moving average price of $115.25. PPG Industries has a 1 year low of $94.37 and a 1 year high of $121.29. The stock has a market capitalization of $27.74 billion, a P/E ratio of 19.85, a P/E/G ratio of 2.05 and a beta of 1.23.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.83 by $0.02. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $4.10 billion. PPG Industries had a return on equity of 28.72% and a net margin of 8.67%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the business posted $1.90 earnings per share. Analysts forecast that PPG Industries will post 6.29 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.48. PPG Industries’s payout ratio is 32.43%.

In related news, Director Victoria F. Haynes sold 674 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $107.16, for a total transaction of $72,225.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP William E. Schaupp sold 2,500 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $106.88, for a total value of $267,200.00. Following the transaction, the vice president now owns 4,389 shares in the company, valued at approximately $469,096.32. The disclosure for this sale can be found here. 0.37% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the business. Cerebellum GP LLC bought a new stake in shares of PPG Industries in the 2nd quarter worth approximately $292,000. Destination Wealth Management boosted its position in shares of PPG Industries by 3,263.6% in the 2nd quarter. Destination Wealth Management now owns 740 shares of the specialty chemicals company’s stock worth $86,000 after purchasing an additional 718 shares in the last quarter. Davy Asset Management Ltd bought a new stake in shares of PPG Industries in the 2nd quarter worth approximately $1,290,000. Robeco Institutional Asset Management B.V. boosted its position in shares of PPG Industries by 31.4% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 79,534 shares of the specialty chemicals company’s stock worth $9,281,000 after purchasing an additional 19,019 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of PPG Industries by 4.4% in the 2nd quarter. Bessemer Group Inc. now owns 4,131 shares of the specialty chemicals company’s stock worth $482,000 after purchasing an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 78.53% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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Analyst Recommendations for PPG Industries (NYSE:PPG)

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