JPMorgan Chase & Co. Issues Positive Forecast for PPG Industries (NYSE:PPG) Stock Price

Key Points

• JPMorgan raised its PPG Industries price target from $125 to $130 while maintaining an “overweight” rating, implying 8.22% potential upside from the prior close.
• PPG’s latest quarterly results exceeded expectations, with earnings of $2.25 per share and revenue of $4.35 billion; revenue increased 6.6% year over year.
• Analyst sentiment is broadly positive but mixed: nine analysts rate PPG a Buy and nine a Hold, producing a “Moderate Buy” consensus rating and an average price target of $128.29.

PPG Industries (NYSE:PPG - Get Free Report) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $125.00 to $130.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the specialty chemicals company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 8.22% from the stock's previous close.

PPG has been the subject of several other reports. Weiss Ratings reiterated a "hold (c)" rating on shares of PPG Industries in a report on Monday, September 14th. Citigroup upped their target price on shares of PPG Industries from $118.00 to $130.00 and gave the company a "neutral" rating in a research note on Thursday. Wells Fargo & Company raised their price target on shares of PPG Industries from $130.00 to $135.00 and gave the company an "overweight" rating in a report on Thursday. KeyCorp boosted their price objective on shares of PPG Industries from $128.00 to $131.00 and gave the company an "overweight" rating in a report on Thursday. Finally, UBS Group increased their price objective on shares of PPG Industries from $116.00 to $123.00 and gave the company a "neutral" rating in a research report on Thursday. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $128.29.

PPG Industries Stock Up 1.4%

Shares of NYSE PPG traded up $1.69 during midday trading on Thursday, hitting $120.12. The stock had a trading volume of 2,161,958 shares, compared to its average volume of 1,987,109. The business's 50 day moving average is $108.51 and its 200-day moving average is $112.35. PPG Industries has a 52 week low of $93.39 and a 52 week high of $133.43. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.72. The company has a market cap of $26.70 billion, a P/E ratio of 17.21, a PEG ratio of 2.04 and a beta of 1.06.

PPG Industries (NYSE:PPG - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.13. PPG Industries had a net margin of 9.57% and a return on equity of 21.07%. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter last year, the firm earned $2.13 earnings per share. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, analysts predict that PPG Industries will post 7.87 EPS for the current year.

Institutional Trading of PPG Industries

Several large investors have recently added to or reduced their stakes in PPG. BlackRock Inc. bought a new stake in shares of PPG Industries during the 2nd quarter valued at $2,856,392,000. State Street Corp raised its holdings in PPG Industries by 8.8% in the 2nd quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company's stock worth $1,682,428,000 after purchasing an additional 1,124,109 shares during the period. Pzena Investment Management LLC purchased a new position in PPG Industries during the second quarter valued at $946,964,000. Dimensional Fund Advisors LP lifted its position in PPG Industries by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company's stock valued at $312,613,000 after purchasing an additional 58,411 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in PPG Industries during the second quarter valued at about $318,870,000. 81.86% of the stock is currently owned by institutional investors.

Key Headlines Impacting PPG Industries

Here are the key news stories impacting PPG Industries this week:

• Positive Sentiment: Q3 results exceeded expectations: PPG reported adjusted earnings of $2.25 per share, above estimates of roughly $2.12-$2.13, while revenue reached $4.35 billion versus the $4.28 billion consensus. Earnings were supported by aerospace demand, higher prices and stronger volumes. PPG Q3 Earnings Beat Estimates, Revenues Up Year Over Year on Aerospace Strength
• Positive Sentiment: Guidance improved: Management projected full-year adjusted EPS of $7.90 to $8.10 and raised the midpoint of its outlook. PPG also expects fourth-quarter EBITDA margins to improve by as much as 100 basis points, reinforcing expectations for continued profitability gains. PPG Outlines Full-Year Adjusted EPS Guidance
• Positive Sentiment: Analysts raised valuation targets: Citigroup lifted its target to $130, UBS to $123, Barclays to $137, Wells Fargo to $135, KeyBanc to $131 and Bernstein to $137. Barclays and Wells Fargo maintain “overweight” ratings, indicating meaningful potential upside from recent trading levels. Citigroup PPG Analyst Rating
• Neutral Sentiment: Citigroup and UBS retained “neutral” ratings despite their target increases, suggesting analysts see improved fundamentals but remain cautious about the extent of further gains. UBS PPG Analyst Rating
• Neutral Sentiment: Shares recently moved above their 200-day moving average, a potentially favorable technical signal, though one report questioned whether the move could also present a selling opportunity. PPG Shares Cross Above 200-Day Moving Average

PPG Industries Company Profile

PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.

Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.

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