PPG Industries (NYSE:PPG) Cut to “Hold” at KeyCorp

KeyCorp lowered shares of PPG Industries (NYSE:PPG) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other equities analysts have also issued reports on PPG. Mizuho cut their price target on PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com raised shares of PPG Industries from a “buy” rating to a “strong-buy” rating in a report on Thursday, December 12th. Royal Bank of Canada cut their price target on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 22nd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.29.

PPG Industries Price Performance

NYSE PPG traded down $1.43 on Monday, hitting $119.82. 484,628 shares of the company were exchanged, compared to its average volume of 1,618,099. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The company has a market cap of $27.80 billion, a P/E ratio of 18.99, a P/E/G ratio of 1.90 and a beta of 1.24. PPG Industries has a 1-year low of $118.07 and a 1-year high of $150.82. The firm has a 50 day moving average of $125.30 and a two-hundred day moving average of $126.37.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.15 by ($0.02). PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The company had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the company earned $2.07 earnings per share. PPG Industries’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, equities analysts predict that PPG Industries will post 8.18 EPS for the current year.

PPG Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Tuesday, November 12th. PPG Industries’s dividend payout ratio is 43.11%.

Insiders Place Their Bets

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $125.80, for a total value of $249,713.00. Following the completion of the sale, the vice president now owns 13,454 shares in the company, valued at $1,692,513.20. This trade represents a 12.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

Several hedge funds have recently bought and sold shares of the company. Financial Connections Group Inc. acquired a new stake in shares of PPG Industries in the second quarter valued at approximately $25,000. Pin Oak Investment Advisors Inc. grew its stake in PPG Industries by 465.1% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 200 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of PPG Industries during the third quarter worth approximately $34,000. Rothschild Investment LLC bought a new stake in PPG Industries in the 2nd quarter valued at $37,000. Finally, Hara Capital LLC acquired a new stake in shares of PPG Industries during the third quarter worth $40,000. 81.86% of the stock is currently owned by institutional investors and hedge funds.

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.