PPG Industries (PPG) Earns “Neutral” Rating from Credit Suisse Group
Credit Suisse Group reaffirmed their neutral rating on shares of PPG Industries (NYSE:PPG) in a research report released on Monday morning, Marketbeat.com reports. They currently have a $119.00 price target on the specialty chemicals company’s stock.
A number of other equities research analysts have also recently issued reports on the company. Zacks Investment Research cut PPG Industries from a hold rating to a sell rating in a report on Wednesday, September 19th. Goldman Sachs Group upgraded PPG Industries from a neutral rating to a buy rating and set a $126.00 price objective for the company in a report on Wednesday, July 25th. JPMorgan Chase & Co. cut PPG Industries from an overweight rating to a neutral rating and set a $113.00 price objective for the company. in a report on Friday, July 27th. They noted that the move was a valuation call. KeyCorp reduced their price objective on PPG Industries from $130.00 to $128.00 and set a $104.41 rating for the company in a report on Monday, July 23rd. Finally, Jefferies Financial Group restated a hold rating on shares of PPG Industries in a report on Thursday, May 31st. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. PPG Industries currently has a consensus rating of Hold and a consensus price target of $122.29.
Shares of NYSE:PPG opened at $110.39 on Monday. PPG Industries has a 12-month low of $100.36 and a 12-month high of $122.07. The company has a market cap of $27.27 billion, a PE ratio of 18.80, a PEG ratio of 2.17 and a beta of 1.52. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.70 and a quick ratio of 1.22.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Friday, August 10th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.74%. This is an increase from PPG Industries’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 9th. PPG Industries’s payout ratio is presently 32.71%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Obermeyer Wood Investment Counsel Lllp acquired a new stake in shares of PPG Industries in the second quarter valued at approximately $375,000. Schwab Charles Investment Management Inc. raised its position in shares of PPG Industries by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 999,734 shares of the specialty chemicals company’s stock valued at $103,703,000 after buying an additional 9,186 shares in the last quarter. Hsbc Holdings PLC raised its position in PPG Industries by 26.9% during the first quarter. Hsbc Holdings PLC now owns 442,000 shares of the specialty chemicals company’s stock valued at $49,299,000 after purchasing an additional 93,774 shares in the last quarter. Tower Research Capital LLC TRC raised its position in PPG Industries by 1,257.8% during the second quarter. Tower Research Capital LLC TRC now owns 10,862 shares of the specialty chemicals company’s stock valued at $1,127,000 after purchasing an additional 10,062 shares in the last quarter. Finally, Suntrust Banks Inc. raised its position in PPG Industries by 18.7% during the first quarter. Suntrust Banks Inc. now owns 43,662 shares of the specialty chemicals company’s stock valued at $4,870,000 after purchasing an additional 6,873 shares in the last quarter. Institutional investors own 76.60% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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