PPG Industries (NYSE:PPG) Price Target Raised to $123.00

Key Points

• Royal Bank of Canada raised PPG Industries’ price target from $115 to $123 while maintaining a “sector perform” rating, implying about 2.4% upside from the prior close.
• Analyst sentiment remains cautiously positive: PPG has a consensus “Moderate Buy” rating and an average price target of $128, with targets from other firms ranging as high as $137.
• PPG recently beat quarterly expectations, reporting $2.25 in earnings per share and $4.35 billion in revenue, while revenue increased 6.6% year over year.

PPG Industries (NYSE:PPG - Get Free Report) had its target price boosted by Royal Bank Of Canada from $115.00 to $123.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a "sector perform" rating on the specialty chemicals company's stock. Royal Bank Of Canada's price target indicates a potential upside of 2.39% from the company's previous close.

A number of other equities research analysts have also recently issued reports on PPG. UBS Group lifted their price target on shares of PPG Industries from $116.00 to $123.00 and gave the company a "neutral" rating in a research note on Thursday. KeyCorp upped their price objective on shares of PPG Industries from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday. Sanford C. Bernstein restated an "outperform" rating and set a $137.00 price objective on shares of PPG Industries in a research report on Thursday. Citigroup increased their price objective on shares of PPG Industries from $118.00 to $130.00 and gave the company a "neutral" rating in a report on Thursday. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $128.00 target price on shares of PPG Industries in a research report on Friday, October 9th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $128.00.

PPG Industries Price Performance

PPG stock traded up $1.69 during mid-day trading on Thursday, reaching $120.12. 2,161,944 shares of the company's stock were exchanged, compared to its average volume of 1,987,109. The company has a market cap of $26.70 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 2.04 and a beta of 1.06. The stock's 50 day moving average is $108.51 and its 200 day moving average is $112.35. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.58 and a quick ratio of 1.15. PPG Industries has a 12-month low of $93.39 and a 12-month high of $133.43.

PPG Industries (NYSE:PPG - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.13. The business had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.28 billion. PPG Industries had a return on equity of 21.07% and a net margin of 9.57%. The business's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.13 earnings per share. On average, research analysts expect that PPG Industries will post 7.87 EPS for the current year.

Institutional Trading of PPG Industries

Large investors have recently made changes to their positions in the company. Greenleaf Trust raised its position in PPG Industries by 30.6% in the 3rd quarter. Greenleaf Trust now owns 3,444 shares of the specialty chemicals company's stock valued at $359,000 after purchasing an additional 807 shares during the last quarter. Columbia Bank boosted its holdings in PPG Industries by 8.3% in the 3rd quarter. Columbia Bank now owns 10,443 shares of the specialty chemicals company's stock valued at $1,090,000 after purchasing an additional 798 shares in the last quarter. Hoey Investments Inc. purchased a new stake in shares of PPG Industries in the third quarter valued at approximately $42,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of PPG Industries during the 3rd quarter worth $8,067,000. Finally, Vise Technologies Inc. grew its position in PPG Industries by 38.0% during the third quarter. Vise Technologies Inc. now owns 5,009 shares of the specialty chemicals company's stock worth $523,000 after buying an additional 1,379 shares during the period. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries News Summary

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

About PPG Industries

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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