Bank of America Lowers PPG Industries (NYSE:PPG) Price Target to $164.00

PPG Industries (NYSE:PPG) had its price target dropped by stock analysts at Bank of America from $167.00 to $164.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Bank of America‘s price objective indicates a potential upside of 25.29% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Citigroup reduced their target price on shares of PPG Industries from $170.00 to $161.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Wells Fargo & Company raised shares of PPG Industries from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $150.00 to $163.00 in a report on Thursday, April 11th. Robert W. Baird reissued an “outperform” rating and set a $150.00 target price on shares of PPG Industries in a report on Friday, January 19th. UBS Group reduced their target price on shares of PPG Industries from $156.00 to $150.00 and set a “neutral” rating on the stock in a report on Friday. Finally, KeyCorp reduced their target price on shares of PPG Industries from $164.00 to $162.00 and set an “overweight” rating on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, PPG Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

PPG Industries Price Performance

PPG stock opened at $130.90 on Monday. The company has a 50 day simple moving average of $140.36 and a 200 day simple moving average of $138.99. The stock has a market cap of $30.81 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 1.56 and a beta of 1.28. PPG Industries has a 1 year low of $120.32 and a 1 year high of $152.89. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.47 and a quick ratio of 1.05.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Friday, April 19th. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.86. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.43 billion. PPG Industries had a net margin of 7.74% and a return on equity of 23.13%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.82 EPS. Research analysts anticipate that PPG Industries will post 8.46 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly 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 SEC, which can be accessed through this hyperlink. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PPG. Moneta Group Investment Advisors LLC raised its holdings in PPG Industries by 163,082.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,157,889 shares of the specialty chemicals company’s stock worth $522,813,000 after buying an additional 4,155,341 shares during the last quarter. Norges Bank acquired a new position in PPG Industries during the fourth quarter worth $554,685,000. Vanguard Group Inc. raised its holdings in PPG Industries by 17.2% during the fourth quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock worth $3,661,083,000 after buying an additional 3,600,558 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in PPG Industries by 602,706.2% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,640,291 shares of the specialty chemicals company’s stock worth $331,994,000 after buying an additional 2,639,853 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in PPG Industries by 280.6% during the first quarter. First Trust Advisors LP now owns 1,734,894 shares of the specialty chemicals company’s stock worth $227,393,000 after buying an additional 1,279,104 shares during the last quarter. 81.86% of the stock is 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.