JPMorgan Chase & Co. Issues Pessimistic Forecast for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $115.00 to $105.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the specialty chemicals company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 4.93% from the company’s current price.

PPG has been the subject of a number of other reports. Seaport Res Ptn downgraded PPG Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 5th. Royal Bank of Canada cut their price objective on shares of PPG Industries from $128.00 to $120.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 4th. Citigroup decreased their target price on shares of PPG Industries from $135.00 to $113.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Argus downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, March 10th. Finally, Wells Fargo & Company lifted their target price on PPG Industries from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, PPG Industries currently has a consensus rating of “Hold” and an average price target of $128.83.

PPG Industries Trading Up 1.5 %

Shares of PPG Industries stock opened at $110.45 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 1.58. The firm has a 50-day moving average of $106.97 and a 200-day moving average of $116.39. PPG Industries has a 52-week low of $90.24 and a 52-week high of $137.24. The stock has a market cap of $25.07 billion, a PE ratio of 23.35, a PEG ratio of 2.19 and a beta of 1.16.

PPG Industries (NYSE:PPG) last announced its earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.10. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the business posted $1.87 EPS. The business’s revenue was down 4.3% compared to the same quarter last year. As a group, sell-side analysts forecast that PPG Industries will post 7.95 EPS for the current year.

Insider Activity

In other news, CEO Timothy M. Knavish sold 4,800 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the transaction, the chief executive officer now owns 35,833 shares of the company’s stock, valued at $4,240,835.55. This represents a 11.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On PPG Industries

A number of hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of PPG Industries by 21.0% in the third quarter. Barclays PLC now owns 1,142,045 shares of the specialty chemicals company’s stock valued at $151,276,000 after purchasing an additional 198,353 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in PPG Industries by 69.8% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 54,004 shares of the specialty chemicals company’s stock worth $7,153,000 after acquiring an additional 22,198 shares during the last quarter. Tidal Investments LLC raised its position in shares of PPG Industries by 1.2% in the third quarter. Tidal Investments LLC now owns 13,306 shares of the specialty chemicals company’s stock valued at $1,763,000 after purchasing an additional 162 shares during the period. Franklin Resources Inc. raised its holdings in PPG Industries by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,136,570 shares of the specialty chemicals company’s stock valued at $403,049,000 after acquiring an additional 170,339 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in PPG Industries by 8.9% during the 4th quarter. GAMMA Investing LLC now owns 6,121 shares of the specialty chemicals company’s stock worth $731,000 after purchasing an additional 498 shares in the last quarter. Institutional investors and hedge funds own 81.86% of the company’s stock.

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.