PPG Industries (NYSE:PPG) Price Target Lowered to $113.00 at Citigroup

PPG Industries (NYSE:PPG) had its target price lowered by Citigroup from $135.00 to $113.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s target price suggests a potential upside of 23.67% from the stock’s current price.

A number of other brokerages also recently issued reports on PPG. KeyCorp downgraded shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 16th. Seaport Res Ptn downgraded PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 5th. Mizuho lowered their target price on PPG Industries from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada decreased their price objective on shares of PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a report on Tuesday, February 4th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of PPG Industries from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $135.31.

PPG Industries Stock Down 5.7 %

Shares of PPG traded down $5.56 during trading hours on Tuesday, hitting $91.37. The stock had a trading volume of 4,942,866 shares, compared to its average volume of 1,778,352. The firm has a 50 day simple moving average of $113.20 and a 200-day simple moving average of $120.21. PPG Industries has a 1-year low of $90.26 and a 1-year high of $142.30. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The firm has a market capitalization of $20.74 billion, a P/E ratio of 19.32, a price-to-earnings-growth ratio of 2.19 and a beta of 1.16.

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%. Sell-side analysts predict that PPG Industries will post 7.95 EPS for the current fiscal year.

Insider Activity at PPG Industries

In other news, CEO Timothy M. Knavish sold 4,800 shares of PPG Industries stock in a transaction on Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the completion of the sale, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at approximately $4,240,835.55. The trade was a 11.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PPG Industries

A number of large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in PPG Industries by 10.0% in the third quarter. Janus Henderson Group PLC now owns 36,422 shares of the specialty chemicals company’s stock worth $4,824,000 after buying an additional 3,300 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of PPG Industries in the 3rd quarter valued at $838,000. National Bank of Canada FI grew its holdings in shares of PPG Industries by 56.1% during the 3rd quarter. National Bank of Canada FI now owns 119,674 shares of the specialty chemicals company’s stock valued at $15,852,000 after purchasing an additional 43,031 shares during the last quarter. Zacks Investment Management purchased a new position in PPG Industries in the 3rd quarter worth $221,000. Finally, Nomura Asset Management Co. Ltd. lifted its stake in PPG Industries by 8.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 351,938 shares of the specialty chemicals company’s stock worth $46,618,000 after purchasing an additional 27,342 shares during the last quarter. Hedge funds and other 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.