PPG Industries (PPG) Stock Rating Upgraded by Deutsche Bank
PPG Industries (NYSE:PPG) was upgraded by investment analysts at Deutsche Bank from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $130.00 price objective on the specialty chemicals company’s stock, up from their prior price objective of $126.00. Deutsche Bank’s price target points to a potential upside of 14.09% from the stock’s current price.
A number of other brokerages have also weighed in on PPG. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Royal Bank of Canada reiterated a “hold” rating and issued a $115.00 price objective on shares of PPG Industries in a research report on Wednesday, January 17th. Raymond James Financial started coverage on PPG Industries in a research report on Tuesday, December 19th. They issued an “outperform” rating and a $139.00 price objective on the stock. Jefferies Group reiterated a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a research report on Wednesday, January 3rd. Finally, Atlantic Securities lowered PPG Industries from an “overweight” rating to a “neutral” rating in a research report on Wednesday, January 17th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and an average target price of $125.13.
PPG Industries (NYSE PPG) opened at $113.95 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.22 and a debt-to-equity ratio of 0.73. PPG Industries has a 1 year low of $100.45 and a 1 year high of $122.07. The stock has a market capitalization of $28,291.48, a P/E ratio of 18.06, a P/E/G ratio of 1.96 and a beta of 1.56.
PPG Industries declared that its board has approved a share buyback plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, VP Jean-Marie Greindl sold 9,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $115.79, for a total value of $1,100,005.00. Following the completion of the transaction, the vice president now owns 27,685 shares in the company, valued at approximately $3,205,646.15. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.33% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PPG. G&S Capital LLC purchased a new position in shares of PPG Industries in the 4th quarter valued at approximately $110,000. Cerebellum GP LLC purchased a new position in PPG Industries during the fourth quarter valued at $128,000. SeaCrest Wealth Management LLC purchased a new position in PPG Industries during the fourth quarter valued at $132,000. Crewe Advisors LLC purchased a new position in PPG Industries during the fourth quarter valued at $136,000. Finally, NuWave Investment Management LLC purchased a new position in PPG Industries during the fourth quarter valued at $150,000. Institutional investors own 76.81% of the company’s stock.
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PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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