PPG Industries (NYSE:PPG) Given New $136.00 Price Target at Royal Bank of Canada

PPG Industries (NYSE:PPG) had its price objective cut by Royal Bank of Canada from $138.00 to $136.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a sector perform rating on the specialty chemicals company’s stock.

A number of other brokerages have also weighed in on PPG. JPMorgan Chase & Co. decreased their target price on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research note on Friday, October 18th. BMO Capital Markets restated an “outperform” rating and issued a $155.00 price objective (down from $160.00) on shares of PPG Industries in a research note on Monday. Barclays reduced their price objective on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, July 22nd. KeyCorp reduced their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Finally, UBS Group upped their price objective on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, PPG Industries presently has an average rating of “Moderate Buy” and a consensus target price of $149.93.

PPG Industries Price Performance

Shares of PPG opened at $126.60 on Tuesday. The firm has a market cap of $29.54 billion, a PE ratio of 20.06, a P/E/G ratio of 1.93 and a beta of 1.26. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 0.73. The firm has a fifty day simple moving average of $127.56 and a two-hundred day simple moving average of $128.85. PPG Industries has a 1-year low of $118.07 and a 1-year high of $151.16.

PPG Industries (NYSE:PPG) last announced its earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.15 by ($0.02). The company had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.58%. PPG Industries’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.07 earnings per share. On average, equities analysts anticipate that PPG Industries will post 8.19 EPS for the current year.

PPG Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 2.15%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s dividend payout ratio is currently 43.11%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PPG. Tanager Wealth Management LLP boosted its holdings in shares of PPG Industries by 27.2% during the 3rd quarter. Tanager Wealth Management LLP now owns 2,767 shares of the specialty chemicals company’s stock valued at $367,000 after purchasing an additional 592 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of PPG Industries by 189.6% during the 3rd quarter. International Assets Investment Management LLC now owns 426,834 shares of the specialty chemicals company’s stock valued at $56,538,000 after purchasing an additional 279,455 shares during the last quarter. Monte Financial Group LLC boosted its holdings in shares of PPG Industries by 2.0% during the 3rd quarter. Monte Financial Group LLC now owns 27,256 shares of the specialty chemicals company’s stock valued at $3,610,000 after purchasing an additional 546 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of PPG Industries by 33.5% during the 3rd quarter. Greenleaf Trust now owns 6,787 shares of the specialty chemicals company’s stock valued at $899,000 after purchasing an additional 1,704 shares during the last quarter. Finally, Global X Japan Co. Ltd. boosted its holdings in shares of PPG Industries by 3.6% during the 3rd quarter. Global X Japan Co. Ltd. now owns 3,369 shares of the specialty chemicals company’s stock valued at $446,000 after purchasing an additional 116 shares during the last quarter. Institutional investors own 81.86% of the company’s stock.

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.