PPG Industries (PPG) Given New $110.00 Price Target at Buckingham Research
PPG Industries (NYSE:PPG) had its price objective upped by Buckingham Research from $108.00 to $110.00 in a report published on Monday, BenzingaRatingsTable reports. The brokerage currently has a neutral rating on the specialty chemicals company’s stock.
A number of other research analysts also recently weighed in on the company. Deutsche Bank upped their price target on PPG Industries from $120.00 to $134.00 and gave the stock a buy rating in a research note on Monday. They noted that the move was a valuation call. KeyCorp upped their price target on PPG Industries from $117.00 to $125.00 and gave the stock an overweight rating in a research note on Friday, April 12th. Zacks Investment Research raised PPG Industries from a sell rating to a hold rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. downgraded PPG Industries from a neutral rating to an underweight rating and set a $106.00 price target on the stock. in a research note on Friday, March 22nd. Finally, BMO Capital Markets set a $112.00 price target on PPG Industries and gave the stock a hold rating in a research note on Wednesday, January 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $117.04.
PPG stock opened at $117.24 on Monday. PPG Industries has a fifty-two week low of $94.37 and a fifty-two week high of $121.29. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.96 and a current ratio of 1.40. The company has a market cap of $28.30 billion, a P/E ratio of 19.80, a PEG ratio of 2.09 and a beta of 1.19.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio is currently 32.43%.
A number of institutional investors and hedge funds have recently modified their holdings of PPG. Trian Fund Management L.P. increased its holdings in PPG Industries by 69.2% during the 4th quarter. Trian Fund Management L.P. now owns 7,009,412 shares of the specialty chemicals company’s stock worth $716,572,000 after purchasing an additional 2,866,150 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in PPG Industries by 10,003.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,810,405 shares of the specialty chemicals company’s stock worth $27,000 after purchasing an additional 2,782,589 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in PPG Industries by 2.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 24,144,052 shares of the specialty chemicals company’s stock worth $2,468,246,000 after purchasing an additional 643,315 shares in the last quarter. Morgan Stanley increased its holdings in PPG Industries by 43.6% during the 3rd quarter. Morgan Stanley now owns 1,239,867 shares of the specialty chemicals company’s stock worth $135,306,000 after purchasing an additional 376,348 shares in the last quarter. Finally, Norges Bank bought a new stake in PPG Industries during the 4th quarter worth approximately $36,143,000. 79.73% of the stock is owned by hedge funds and other institutional investors.
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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