PPG Industries (NYSE:PPG) Price Target Lowered to $120.00 at Royal Bank of Canada

PPG Industries (NYSE:PPG) had its price objective reduced by analysts at Royal Bank of Canada from $128.00 to $120.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 7.93% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Barclays reduced their price objective on shares of PPG Industries from $144.00 to $125.00 and set an “equal weight” rating for the company in a research report on Monday. UBS Group reduced their price objective on shares of PPG Industries from $128.00 to $126.00 and set a “neutral” rating for the company in a research report on Friday. Mizuho reduced their price objective on shares of PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday. Wells Fargo & Company reduced their price objective on shares of PPG Industries from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $140.92.

PPG Industries Stock Performance

Shares of PPG stock traded down $0.81 during trading hours on Tuesday, hitting $111.19. The company’s stock had a trading volume of 779,025 shares, compared to its average volume of 2,170,405. The company has a 50 day moving average of $120.83 and a 200 day moving average of $124.19. The stock has a market cap of $25.79 billion, a PE ratio of 23.52, a price-to-earnings-growth ratio of 1.99 and a beta of 1.23. 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 $110.20 and a 12-month high of $145.60.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. On average, sell-side analysts forecast that PPG Industries will post 7.9 EPS for the current fiscal year.

Institutional Trading of PPG Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PPG. State Street Corp raised its holdings in PPG Industries by 4.4% during the third quarter. State Street Corp now owns 11,717,499 shares of the specialty chemicals company’s stock worth $1,552,100,000 after purchasing an additional 491,774 shares in the last quarter. Wellington Management Group LLP grew its position in shares of PPG Industries by 5.7% during the third quarter. Wellington Management Group LLP now owns 8,977,010 shares of the specialty chemicals company’s stock worth $1,189,095,000 after acquiring an additional 485,597 shares during the last quarter. FMR LLC grew its position in shares of PPG Industries by 68.3% during the third quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock worth $115,757,000 after acquiring an additional 354,740 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of PPG Industries by 189.6% during the third quarter. International Assets Investment Management LLC now owns 426,834 shares of the specialty chemicals company’s stock worth $56,538,000 after acquiring an additional 279,455 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of PPG Industries by 65.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 523,014 shares of the specialty chemicals company’s stock worth $62,474,000 after acquiring an additional 206,853 shares during 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.