Citigroup Issues Pessimistic Forecast for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG) had its price objective lowered by stock analysts at Citigroup from $150.00 to $145.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s target price would indicate a potential upside of 21.32% from the company’s previous close.

A number of other research firms have also issued reports on PPG. JPMorgan Chase & Co. dropped their price objective on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating on the stock in a research note on Friday, October 18th. Mizuho dropped their price target on shares of PPG Industries from $160.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price objective (down previously from $160.00) on shares of PPG Industries in a report on Monday, October 21st. Royal Bank of Canada lowered their target price on PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 22nd. Finally, StockNews.com upgraded PPG Industries from a “buy” rating to a “strong-buy” rating in a research note on Thursday, December 12th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $149.29.

PPG Industries Stock Performance

NYSE:PPG opened at $119.52 on Wednesday. The firm’s fifty day simple moving average is $125.15 and its 200 day simple moving average is $126.33. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. PPG Industries has a twelve month low of $118.07 and a twelve month high of $150.82. The firm has a market capitalization of $27.73 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 1.90 and a beta of 1.24.

PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. The company had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm earned $2.07 EPS. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities research analysts expect that PPG Industries will post 8.18 earnings per share for the current fiscal year.

Insider Activity at PPG Industries

In related news, VP Anne M. Foulkes sold 1,985 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the transaction, the vice president now owns 13,454 shares in the company, valued at $1,692,513.20. The trade was a 12.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

A number of hedge funds have recently added to or reduced their stakes in PPG. Financial Connections Group Inc. acquired a new stake in shares of PPG Industries in the 2nd quarter worth about $25,000. Pin Oak Investment Advisors Inc. increased its stake in shares of PPG Industries by 465.1% in the third quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 200 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of PPG Industries during the third quarter valued at approximately $34,000. Rothschild Investment LLC acquired a new position in shares of PPG Industries during the second quarter worth approximately $37,000. Finally, Hara Capital LLC bought a new position in PPG Industries in the 3rd quarter worth approximately $40,000. 81.86% of the stock is currently owned by institutional investors.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The 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; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.