Trade Report: Today, Goldman Sachs Group Inc. Reaffirms Buy Rating for PPG Industries Inc. (PPG)

Today, Goldman Sachs Group Inc. Reaffirms Buy Rating for PPG Industries Inc. (PPG)

Goldman Sachs Group Inc. reiterated their buy rating on shares of PPG Industries Inc. (NYSE:PPG) in a research report released on Thursday morning. They currently have a $111.00 price objective on the stock, down from their prior price objective of $119.00.

A number of other research firms also recently weighed in on PPG. Citigroup Inc. reduced their target price on shares of PPG Industries from $131.00 to $112.00 and set a buy rating for the company in a research report on Tuesday, October 11th. Royal Bank Of Canada reduced their target price on shares of PPG Industries from $125.00 to $106.00 and set an outperform rating for the company in a research report on Tuesday, October 11th. Morgan Stanley reissued a hold rating on shares of PPG Industries in a research report on Thursday, June 16th. RBC Capital Markets reissued an outperform rating and set a $106.00 target price (down from $125.00) on shares of PPG Industries in a research report on Wednesday, October 12th. Finally, Deutsche Bank AG downgraded shares of PPG Industries from a buy rating to a hold rating and cut their price objective for the stock from $122.00 to $100.00 in a report on Monday, October 10th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $115.46.

PPG Industries (NYSE:PPG) opened at 92.66 on Thursday. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00. The firm’s 50-day moving average is $101.25 and its 200 day moving average is $106.21. The firm has a market capitalization of $24.67 billion, a P/E ratio of 17.12 and a beta of 1.47.

PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the prior year, the firm earned $1.67 EPS. The company’s revenue was down .9% compared to the same quarter last year. On average, analysts expect that PPG Industries will post $6.17 EPS for the current fiscal year.

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

Several hedge funds have recently bought and sold shares of PPG. Royal Bank of Canada raised its position in PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock valued at $74,678,000 after buying an additional 189,934 shares in the last quarter. Legal & General Group Plc raised its position in PPG Industries by 2.7% in the first quarter. Legal & General Group Plc now owns 1,128,300 shares of the company’s stock valued at $125,793,000 after buying an additional 30,011 shares in the last quarter. Capital Fund Management S.A. acquired a new position in PPG Industries during the second quarter valued at approximately $24,833,000. Wellington Management Group LLP raised its position in PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock valued at $164,615,000 after buying an additional 924,195 shares in the last quarter. Finally, Capstone Asset Management Co. raised its position in PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock valued at $3,036,000 after buying an additional 426 shares in the last quarter. Hedge funds and other institutional investors own 73.01% of the company’s stock.

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