Trading Report: The PPG Industries Inc. (PPG) Receives “Outperform” Rating from RBC Capital Markets

The PPG Industries Inc. (PPG) Receives “Outperform” Rating from RBC Capital Markets

RBC Capital Markets reissued their outperform rating on shares of PPG Industries Inc. (NYSE:PPG) in a research note issued to investors on Wednesday. The firm currently has a $106.00 target price on the stock, down from their previous target price of $125.00.

Several other equities research analysts have also weighed in on PPG. Credit Suisse Group AG reissued a buy rating on shares of PPG Industries in a research report on Wednesday, June 15th. JPMorgan Chase & Co. reissued a buy rating and set a $120.00 target price on shares of PPG Industries in a research report on Friday, June 17th. Morgan Stanley reissued a hold rating on shares of PPG Industries in a research report on Thursday, June 16th. Longbow Research raised PPG Industries from a neutral rating to a buy rating and set a $130.00 target price on the stock in a research report on Thursday, June 23rd. Finally, Jefferies Group restated a buy rating on shares of PPG Industries in a research note on Wednesday, July 6th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $115.83.

Shares of PPG Industries (NYSE:PPG) traded down 0.49% during midday trading on Wednesday, reaching $91.49. The company had a trading volume of 578,854 shares. The stock has a market capitalization of $24.36 billion, a PE ratio of 16.91 and a beta of 1.47. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The company’s 50 day moving average price is $102.43 and its 200 day moving average price is $106.63.

PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting the consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same quarter last year, the company earned $1.67 EPS. The business’s quarterly revenue was down .9% on a year-over-year basis. Equities research analysts expect that PPG Industries will post $6.17 earnings per share for the current year.

In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the sale, the insider now directly owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the completion of the sale, the vice president now directly owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock valued at $1,884,182,000 after buying an additional 328,358 shares in the last quarter. FMR LLC boosted its position in shares of PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock valued at $1,769,075,000 after buying an additional 409,325 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock valued at $1,665,343,000 after buying an additional 139,886 shares in the last quarter. State Street Corp boosted its position in shares of PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock valued at $1,295,100,000 after buying an additional 368,260 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in shares of PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock valued at $726,755,000 after buying an additional 132,813 shares in the last quarter. 73.04% of the stock is owned by institutional investors and hedge funds.

About PPG Industries

Related posts

Leave a Comment