PPG Industries (PPG) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of PPG Industries (NYSE:PPG) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. They currently have $128.00 price target on the specialty chemicals company’s stock.

According to Zacks, “PPG Industries’ adjusted earnings for the first quarter of 2019 beat the Zacks Consensus Estimate, while sales trailed the same. The company reaffirmed its sales and adjusted earnings growth targets for 2019. It expects economic activity to improve in the second half of 2019, especially in China. The company is executing an aggressive cost cutting and restructuring strategy. Cost savings from restructuring actions is likely to boost the company’s margins in 2019. Also, the company is committed to deploy cash on acquisitions and share repurchases. PPG Industries is also taking steps to grow its business inorganically. Acquisitions should contribute to its sales in 2019. PPG Industries’ recent buyouts will provide the company with a broader range of technology and products to grow business. The company has also outperformed the industry it belongs to in the past one year. “

A number of other equities analysts have also recently issued reports on the stock. BMO Capital Markets upped their price target on shares of PPG Industries from $112.00 to $113.00 and gave the stock a market perform rating in a research note on Wednesday, May 1st. Barclays upped their price target on shares of PPG Industries from $115.00 to $120.00 and gave the stock an equal weight rating in a research note on Friday, April 26th. Buckingham Research upped their price target on shares of PPG Industries from $108.00 to $110.00 and gave the stock a neutral rating in a research note on Monday, April 22nd. Deutsche Bank upped their price target on shares of PPG Industries from $120.00 to $134.00 and gave the stock a buy rating in a research note on Monday, April 22nd. They noted that the move was a valuation call. Finally, KeyCorp upped their price target on shares of PPG Industries from $117.00 to $125.00 and gave the stock an overweight rating in a research note on Friday, April 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $118.10.

Shares of PPG Industries stock opened at $112.24 on Wednesday. The stock has a market capitalization of $26.65 billion, a P/E ratio of 18.96, a PEG ratio of 1.97 and a beta of 1.19. PPG Industries has a 1 year low of $94.37 and a 1 year high of $121.29. The company has a current ratio of 1.40, a quick ratio of 0.97 and a debt-to-equity ratio of 0.92.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, April 18th. The specialty chemicals company reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.17. The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.69 billion. PPG Industries had a net margin of 8.67% and a return on equity of 28.72%. PPG Industries’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.39 EPS. As a group, analysts expect that PPG Industries will post 6.31 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.71%. The ex-dividend date is Thursday, May 9th. PPG Industries’s dividend payout ratio is currently 32.43%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Standard Life Aberdeen plc lifted its stake in shares of PPG Industries by 2.1% in the 3rd quarter. Standard Life Aberdeen plc now owns 273,138 shares of the specialty chemicals company’s stock worth $29,808,000 after purchasing an additional 5,731 shares during the period. Legal & General Group Plc lifted its stake in shares of PPG Industries by 4.9% in the 3rd quarter. Legal & General Group Plc now owns 1,382,399 shares of the specialty chemicals company’s stock worth $150,839,000 after purchasing an additional 64,576 shares during the period. Morgan Stanley lifted its stake in shares of PPG Industries by 43.6% in the 3rd quarter. Morgan Stanley now owns 1,239,867 shares of the specialty chemicals company’s stock worth $135,306,000 after purchasing an additional 376,348 shares during the period. Federated Investors Inc. PA lifted its stake in shares of PPG Industries by 1,306.4% in the 3rd quarter. Federated Investors Inc. PA now owns 59,377 shares of the specialty chemicals company’s stock worth $6,480,000 after purchasing an additional 55,155 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in shares of PPG Industries by 0.5% in the 4th quarter. State of Alaska Department of Revenue now owns 41,383 shares of the specialty chemicals company’s stock worth $4,228,000 after purchasing an additional 217 shares during the period. Institutional investors and hedge funds own 79.63% of the company’s stock.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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