PPG Industries (PPG) Price Target Raised to $125.00
PPG Industries (NYSE:PPG) had its target price increased by KeyCorp from $117.00 to $125.00 in a report released on Friday morning, The Fly reports. KeyCorp currently has an overweight rating on the specialty chemicals company’s stock.
A number of other brokerages have also recently issued reports on PPG. SunTrust Banks raised their price objective on shares of PPG Industries to $110.00 and gave the company a hold rating in a research note on Tuesday, January 22nd. Credit Suisse Group cut their target price on shares of PPG Industries to $112.00 and set a neutral rating on the stock in a report on Friday, January 18th. Zacks Investment Research lowered shares of PPG Industries from a hold rating to a sell rating in a report on Thursday, March 28th. BMO Capital Markets set a $112.00 target price on shares of PPG Industries and gave the stock a hold rating in a report on Wednesday, January 23rd. Finally, JPMorgan Chase & Co. lowered shares of PPG Industries from an overweight rating to a neutral rating and increased their target price for the stock from $105.00 to $106.00 in a report on Friday, January 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $117.34.
Shares of PPG stock opened at $116.47 on Friday. PPG Industries has a 52-week low of $94.37 and a 52-week high of $116.73. The company has a market capitalization of $27.29 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 2.17 and a beta of 1.19. The company has a current ratio of 1.36, a quick ratio of 0.96 and a debt-to-equity ratio of 0.92.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Friday, February 22nd were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.65%. PPG Industries’s payout ratio is 32.43%.
Several large investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA raised its holdings in shares of PPG Industries by 2.7% during the fourth 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 acquiring an additional 643,315 shares during the period. BlackRock Inc. raised its holdings in shares of PPG Industries by 1.1% during the fourth quarter. BlackRock Inc. now owns 14,628,186 shares of the specialty chemicals company’s stock worth $1,495,440,000 after acquiring an additional 157,955 shares during the period. Trian Fund Management L.P. raised its holdings in shares of PPG Industries by 69.2% during the fourth quarter. Trian Fund Management L.P. now owns 7,009,412 shares of the specialty chemicals company’s stock worth $716,572,000 after acquiring an additional 2,866,150 shares during the period. Geode Capital Management LLC grew its position in PPG Industries by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 2,839,765 shares of the specialty chemicals company’s stock valued at $289,748,000 after purchasing an additional 153,809 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in PPG Industries by 10,003.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,810,405 shares of the specialty chemicals company’s stock valued at $27,000 after purchasing an additional 2,782,589 shares in the last quarter. Institutional investors and hedge funds own 79.74% of the company’s stock.
PPG Industries Company Profile
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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