BMO Capital Markets Cuts PPG Industries (NYSE:PPG) Price Target to $165.00

PPG Industries (NYSE:PPG - Get Free Report) had its target price cut by investment analysts at BMO Capital Markets from $168.00 to $165.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an "outperform" rating on the specialty chemicals company's stock. BMO Capital Markets' target price indicates a potential upside of 26.53% from the company's previous close.

Several other research analysts have also weighed in on the stock. Seaport Res Ptn raised shares of PPG Industries from a "neutral" rating to a "buy" rating in a report on Monday. Royal Bank of Canada reduced their price target on shares of PPG Industries from $156.00 to $141.00 and set a "sector perform" rating on the stock in a research report on Monday. Vertical Research upgraded shares of PPG Industries from a "hold" rating to a "buy" rating in a research report on Wednesday, January 3rd. KeyCorp reduced their price target on shares of PPG Industries from $164.00 to $162.00 and set an "overweight" rating on the stock in a research report on Monday. Finally, Redburn Atlantic downgraded shares of PPG Industries from a "buy" rating to a "neutral" rating and set a $160.00 price target on the stock. in a research report on Thursday, February 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $155.50.

PPG Industries Trading Down 0.6 %

Shares of PPG Industries stock traded down $0.76 during trading hours on Tuesday, hitting $130.40. The company's stock had a trading volume of 2,730,639 shares, compared to its average volume of 1,791,063. The business has a fifty day moving average of $140.00 and a 200 day moving average of $138.97. The company has a market capitalization of $30.69 billion, a PE ratio of 22.03, a P/E/G ratio of 1.56 and a beta of 1.28. PPG Industries has a 1-year low of $120.32 and a 1-year high of $152.89. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings results on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share for the quarter, meeting analysts' consensus estimates of $1.86. The business had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The business's revenue was down 1.6% on a year-over-year basis. During the same period last year, the business earned $1.82 EPS. As a group, equities analysts forecast that PPG Industries will post 8.46 EPS for the current year.

PPG Industries declared that its Board of Directors has initiated a stock buyback program on Thursday, April 18th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of the business's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the sale, the chief financial officer now owns 28,439 shares in the company, valued at $4,008,192.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PPG Industries

A number of large investors have recently made changes to their positions in PPG. J.W. Cole Advisors Inc. grew its position in PPG Industries by 6.7% during the fourth quarter. J.W. Cole Advisors Inc. now owns 11,004 shares of the specialty chemicals company's stock valued at $1,646,000 after purchasing an additional 690 shares in the last quarter. FMR LLC grew its position in PPG Industries by 11.0% during the third quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company's stock valued at $46,512,000 after purchasing an additional 35,571 shares in the last quarter. Cerity Partners LLC grew its position in PPG Industries by 137.5% during the fourth quarter. Cerity Partners LLC now owns 34,937 shares of the specialty chemicals company's stock valued at $5,224,000 after purchasing an additional 20,226 shares in the last quarter. Nomura Holdings Inc. grew its position in PPG Industries by 2.3% in the third quarter. Nomura Holdings Inc. now owns 8,479 shares of the specialty chemicals company's stock worth $1,101,000 after acquiring an additional 192 shares in the last quarter. Finally, Financial Counselors Inc. grew its position in PPG Industries by 6.4% in the third quarter. Financial Counselors Inc. now owns 1,883 shares of the specialty chemicals company's stock worth $244,000 after acquiring an additional 114 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company's stock.

About PPG Industries

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.