Weekly rating updates from investment analysts for PPG Industries (PPG)

A number of companies have adjusted their ratings and price targets for shares PPG Industries (NYSE:PPG) recently:

• Apr 19, 2024 – PPG Industries’ price target has been lowered from $156.00 to $150.00 by analysts at UBS Group AG. They now have a “neutral” rating on the stock.
• Apr 11, 2024 – PPG Industries has been upgraded from an equalweight rating to an overweight rating by Wells Fargo & Company analysts. They now have a $163.00 price target for the stock, up from $150.00 previously.
• Apr 10, 2024 – PPG Industries’ price target has been lowered by Citigroup Inc. analysts. reduced from $170.00 to $161.00. They now have a buy rating on the stock.
• 4/9/2024 – PPG Industries’ price target has been lowered from $167.00 to $164.00 by analysts at KeyCorp. They now have an ‘overweight’ rating on the stock.
• 3/7/2024 – PPG Industries’ neutral rating was reaffirmed by UBS Group AG analysts. They now have a $156.00 price target for the stock, down from $173.00 previously.
• 3/1/2024 – PPG Industries is now covered by Wolfe Research analysts. They gave the stock a peer perform rating.
• 2/27/2024 – PPG Industries has been downgraded from an ‘overweight’ rating to an ‘equalweight’ rating by analysts at Barclays PLC. They now have a $149.00 price target for the stock, down from $163.00 previously.

PPG Industries shares fell 3.1%

Shares of PPG opened at $130.90 on Monday. PPG Industries, Inc. has a 52-week low of $120.32 and a 52-week high of $152.89. The company has a market cap of $30.81 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28. The stock has a fifty-day simple moving average of $140.36 and a two-hundred-day simple moving average of $138.99. 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) posted its latest earnings results on Friday, April 19. The specialty chemicals company reported earnings per share (EPS) of $1.86 for the quarter, beating analysts’ consensus expectations of $1.86. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.43 billion. PPG Industries had a return on equity of 23.13% and a net margin of 7.74%. The company’s revenue fell 1.6% year over year this quarter. During the same period last year, the company earned earnings per share of $1.82. As a group, stock analysts predict that PPG Industries, Inc. will post earnings per share of 8.46 for the current year.

PPG Industries announces dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12. Shareholders of record on Friday, May 10 will receive a dividend of $0.65 per share. This represents a dividend of $2.60 annually and a dividend yield of 1.99%. The ex-dividend date of this dividend is Thursday, May 9. PPG Industries’ dividend payout ratio currently stands at 43.92%.

Insider transactions at PPG Industries

In other news, CFO Vincent J. Morales sold 3,400 shares of stock in a transaction on Friday, March 1. The stock sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.55% of the company’s shares.

Hedge funds weigh heavily on PPG Industries

A number of hedge funds have recently changed their positions in PPG. OFI Invest Asset Management bought a new position in PPG Industries during the third quarter worth approximately $25,000. Valued Wealth Advisors LLC purchased a new position in PPG Industries in the fourth quarter valued at approximately $26,000. SJS Investment Consulting Inc. increased its stake in PPG Industries by 588.5% in the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock worth $27,000, after acquiring an additional 153 shares during the period. Private Wealth Management Group LLC purchased a new position in PPG Industries in the fourth quarter valued at approximately $27,000. Finally, CVA Family Office LLC purchased a new position in PPG Industries in the fourth quarter valued at approximately $28,000. 81.86% of the shares are currently owned by hedge funds and other institutional investors.

PPG Industries, Inc manufactures and distributes paints, coatings and specialty materials in the United States, Canada, 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 transportation/fleet repair and refurbishing, light industrial coatings and specialty sign coatings; wood stains; paints, thermoplastics, pavement marking products and other advanced pavement marking technologies for government, commercial infrastructure, painting and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineering materials, and packaging and chemical management services for commercial, military, regional jet and general aviation aircraft.

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