Royal Bank of Canada Downgrades PPG Industries (NYSE:PPG) to Sector Perform

PPG Industries (NYSE:PPG – Get Rating) was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Tuesday, The Fly reports. They presently have a $129.00 price target on the specialty chemicals company’s stock, up from their prior price target of $128.00. Royal Bank of Canada’s price target indicates a potential downside of 2.34% from the stock’s current price.

Several other research firms also recently commented on PPG. Wells Fargo & Company dropped their price objective on shares of PPG Industries from $118.00 to $115.00 and set an “equal weight” rating on the stock in a report on Monday. Morgan Stanley dropped their price objective on shares of PPG Industries from $150.00 to $120.00 and set an “equal weight” rating on the stock in a report on Monday, October 24th. Credit Suisse Group dropped their price objective on shares of PPG Industries to $104.00 in a report on Thursday, October 13th. TheStreet raised shares of PPG Industries from a “c+” rating to a “b” rating in a report on Monday, September 12th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PPG Industries from $130.00 to $128.00 and set a “buy” rating on the stock in a report on Friday, October 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.47.

PPG Industries Price Performance

PPG opened at $132.09 on Tuesday. The firm has a market cap of $31.04 billion, a P/E ratio of 29.22, a PEG ratio of 4.79 and a beta of 1.18. The firm has a 50-day moving average of $127.89 and a 200 day moving average of $123.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.03 and a current ratio of 1.52. PPG Industries has a fifty-two week low of $107.06 and a fifty-two week high of $171.13.

PPG Industries (NYSE:PPG – Get Rating) last posted its quarterly earnings results on Wednesday, October 19th. The specialty chemicals company reported $1.66 earnings per share for the quarter, missing the consensus estimate of $1.67 by ($0.01). The company had revenue of $4.47 billion for the quarter, compared to the consensus estimate of $4.46 billion. PPG Industries had a net margin of 6.08% and a return on equity of 23.00%. PPG Industries’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.69 EPS. On average, research analysts expect that PPG Industries will post 5.98 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PPG. Guardian Wealth Advisors LLC purchased a new position in shares of PPG Industries during the third quarter worth approximately $27,000. Janiczek Wealth Management LLC purchased a new position in shares of PPG Industries during the second quarter worth approximately $29,000. Tradition Wealth Management LLC purchased a new position in shares of PPG Industries during the second quarter worth approximately $33,000. New England Asset Management Inc. bought a new position in shares of PPG Industries in the second quarter worth approximately $33,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of PPG Industries by 45.8% in the first quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 87 shares during the last quarter. 80.04% of the stock is owned by hedge funds and other institutional investors.

PPG Industries Company Profile

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PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.