Citigroup Lowers PPG Industries (NYSE:PPG) Price Target to $161.00

PPG Industries (NYSE:PPG) had its price target decreased by research analysts at Citigroup from $170.00 to $161.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the specialty chemicals company’s stock. Citigroup’s target price indicates a potential upside of 17.01% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Redburn Atlantic downgraded shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $160.00 target price on the stock. in a report on Thursday, February 1st. Wolfe Research assumed coverage on PPG Industries in a research note on Friday, March 1st. They set a “peer perform” rating for the company. Vertical Research raised PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, January 3rd. Robert W. Baird restated an “outperform” rating and issued a $150.00 price target on shares of PPG Industries in a research note on Friday, January 19th. Finally, Barclays cut PPG Industries from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $163.00 to $149.00 in a research report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $158.40.

PPG Industries Stock Performance

Shares of PPG stock opened at $137.59 on Wednesday. The stock’s 50-day moving average price is $140.98 and its 200 day moving average price is $138.70. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $32.38 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 1.38 and a beta of 1.28. PPG Industries has a 52-week low of $120.32 and a 52-week high of $152.89.

PPG Industries (NYSE:PPG) last released its earnings results on Friday, January 19th. The specialty chemicals company reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.04. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.27 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities research analysts forecast that PPG Industries will post 8.45 EPS for the current year.

Insider Buying and Selling at PPG Industries

In other PPG Industries news, CFO Vincent J. Morales sold 3,400 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $140.94, for a total value of $479,196.00. Following the sale, the chief financial officer now owns 28,439 shares of the company’s stock, valued at $4,008,192.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PPG Industries

A number of institutional investors have recently made changes to their positions in the stock. OFI Invest Asset Management purchased a new stake in PPG Industries during the 3rd quarter worth about $25,000. Valued Wealth Advisors LLC purchased a new stake in shares of PPG Industries during the fourth quarter worth about $26,000. SJS Investment Consulting Inc. raised its position in shares of PPG Industries by 588.5% in the fourth quarter. SJS Investment Consulting Inc. now owns 179 shares of the specialty chemicals company’s stock valued at $27,000 after buying an additional 153 shares during the last quarter. Private Wealth Management Group LLC purchased a new position in shares of PPG Industries during the fourth quarter valued at approximately $27,000. Finally, CVA Family Office LLC acquired a new stake in PPG Industries during the fourth quarter worth approximately $28,000. 81.86% of the stock is owned by institutional investors and hedge funds.

About PPG Industries

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.