Citigroup Issues Positive Forecast for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG - Free Report) had its price target boosted by Citigroup from $125.00 to $130.00 in a report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company's stock.

PPG has been the topic of several other research reports. Bank of America restated a "neutral" rating and issued a $126.00 price target (down previously from $143.00) on shares of PPG Industries in a research note on Tuesday, April 15th. Wells Fargo & Company raised their price objective on shares of PPG Industries from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. reduced their target price on shares of PPG Industries from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. UBS Group raised their price objective on shares of PPG Industries from $110.00 to $111.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of PPG Industries from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, PPG Industries has an average rating of "Moderate Buy" and an average price target of $129.83.

PPG Industries Stock Down 5.2%

NYSE:PPG traded down $5.78 on Friday, reaching $106.25. The stock had a trading volume of 2,499,615 shares, compared to its average volume of 1,831,063. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. PPG Industries has a 12-month low of $90.24 and a 12-month high of $137.24. The company has a 50-day moving average of $107.39 and a 200 day moving average of $113.62. The stock has a market cap of $24.12 billion, a P/E ratio of 22.46, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17.

PPG Industries (NYSE:PPG - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.62 by $0.10. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.67 billion. During the same quarter last year, the company posted $1.87 earnings per share. The company's quarterly revenue was down 4.3% compared to the same quarter last year. On average, research analysts predict that PPG Industries will post 7.95 earnings per share for the current year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Monday, May 12th were issued a dividend of $0.68 per share. The ex-dividend date was Monday, May 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.56%. PPG Industries's dividend payout ratio is currently 58.24%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in PPG Industries by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 29,369,691 shares of the specialty chemicals company's stock worth $3,508,210,000 after acquiring an additional 756,937 shares during the period. Wellington Management Group LLP raised its holdings in PPG Industries by 5.6% in the 1st quarter. Wellington Management Group LLP now owns 11,159,203 shares of the specialty chemicals company's stock worth $1,220,259,000 after acquiring an additional 592,152 shares during the period. Geode Capital Management LLC raised its holdings in PPG Industries by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 5,546,472 shares of the specialty chemicals company's stock worth $660,752,000 after acquiring an additional 93,455 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in PPG Industries by 58.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,797,682 shares of the specialty chemicals company's stock worth $524,627,000 after acquiring an additional 1,766,518 shares during the period. Finally, Invesco Ltd. raised its holdings in PPG Industries by 6.1% in the 4th quarter. Invesco Ltd. now owns 4,726,630 shares of the specialty chemicals company's stock worth $564,596,000 after acquiring an additional 271,699 shares during the period. 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.