PPG Industries (NYSE:PPG) Price Target Lowered to $129.00 at Bank of America

Key Points

• Bank of America has lowered its price target for PPG Industries from $131.00 to $129.00, maintaining a "neutral" rating on the stock, which implies a potential upside of 30.53% from its current price.
• Other analysts have also adjusted their price targets; Citigroup set a target of $120.00 (rated "buy") while Wells Fargo adjusted it to $132.00 (rated "overweight").
• PPG Industries reported $2.22 earnings per share for the last quarter, matching the consensus estimate, despite a 0.9% decline in revenue compared to the previous year.

PPG Industries (NYSE:PPG - Get Free Report) had its price objective reduced by investment analysts at Bank of America from $131.00 to $129.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the specialty chemicals company's stock. Bank of America's price objective points to a potential upside of 30.53% from the stock's current price.

Several other analysts also recently weighed in on PPG. Citigroup decreased their price target on shares of PPG Industries from $124.00 to $120.00 and set a "buy" rating for the company in a research note on Monday, October 6th. Wells Fargo & Company decreased their price target on shares of PPG Industries from $135.00 to $132.00 and set an "overweight" rating for the company in a research note on Friday. Royal Bank Of Canada lifted their price target on shares of PPG Industries from $115.00 to $117.00 and gave the company a "sector perform" rating in a research note on Friday, August 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of PPG Industries in a research note on Wednesday, October 8th. Finally, Mizuho decreased their price target on shares of PPG Industries from $135.00 to $125.00 and set an "outperform" rating for the company in a research note on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $127.09.

PPG Industries Stock Up 0.4%

Shares of NYSE:PPG opened at $98.83 on Tuesday. PPG Industries has a 1 year low of $90.24 and a 1 year high of $132.18. The business has a 50 day simple moving average of $107.95 and a two-hundred day simple moving average of $109.00. The firm has a market capitalization of $22.31 billion, a PE ratio of 22.41, a price-to-earnings-growth ratio of 2.04 and a beta of 1.16. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.04.

PPG Industries (NYSE:PPG - Get Free Report) last announced its earnings results on Tuesday, July 29th. The specialty chemicals company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. PPG Industries had a return on equity of 23.85% and a net margin of 6.25%.The business had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.16 billion. During the same quarter in the previous year, the business earned $2.50 earnings per share. The company's revenue for the quarter was down .9% compared to the same quarter last year. PPG Industries has set its FY 2025 guidance at 7.750-8.050 EPS. On average, equities analysts predict that PPG Industries will post 7.95 EPS for the current year.

Hedge Funds Weigh In On PPG Industries

Large investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC grew its holdings in PPG Industries by 127.6% in the second quarter. Capital Advisors Ltd. LLC now owns 223 shares of the specialty chemicals company's stock worth $25,000 after purchasing an additional 125 shares during the last quarter. Cheviot Value Management LLC purchased a new position in PPG Industries in the first quarter worth $26,000. Headlands Technologies LLC purchased a new position in PPG Industries in the first quarter worth $30,000. Gladwyn Financial Advisors Inc. purchased a new position in PPG Industries in the second quarter worth $31,000. Finally, Vermillion & White Wealth Management Group LLC grew its holdings in PPG Industries by 100.7% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 273 shares of the specialty chemicals company's stock worth $31,000 after purchasing an additional 137 shares during the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.