PPG Industries (NYSE:PPG) Price Target Lowered to $130.00 at Wells Fargo & Company

PPG Industries (NYSE:PPG) had its price target lowered by research analysts at Wells Fargo & Company from $135.00 to $130.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 31.34% from the stock’s previous close.

PPG has been the topic of several other research reports. The Goldman Sachs Group lowered their price objective on shares of PPG Industries from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Argus cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, March 10th. KeyCorp lowered PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, December 16th. Royal Bank of Canada dropped their target price on PPG Industries from $128.00 to $120.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 4th. Finally, Mizuho decreased their price target on PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, PPG Industries has an average rating of “Hold” and an average price target of $137.77.

PPG Industries Price Performance

Shares of NYSE PPG opened at $98.98 on Thursday. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $113.74 and its 200-day moving average price is $120.54. The firm has a market capitalization of $22.47 billion, a P/E ratio of 20.93, a P/E/G ratio of 2.19 and a beta of 1.16. PPG Industries has a 1-year low of $97.49 and a 1-year high of $142.30.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. Equities research analysts anticipate that PPG Industries will post 7.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Timothy M. Knavish sold 4,800 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the completion of the sale, the chief executive officer now owns 35,833 shares in the company, valued at $4,240,835.55. This trade represents a 11.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On PPG Industries

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC raised its stake in shares of PPG Industries by 68.3% in the third quarter. FMR LLC now owns 873,902 shares of the specialty chemicals company’s stock valued at $115,757,000 after buying an additional 354,740 shares during the period. Public Sector Pension Investment Board lifted its holdings in PPG Industries by 11.1% during the third quarter. Public Sector Pension Investment Board now owns 10,038 shares of the specialty chemicals company’s stock valued at $1,330,000 after purchasing an additional 1,000 shares during the last quarter. Benjamin Edwards Inc. boosted its position in PPG Industries by 329.1% during the third quarter. Benjamin Edwards Inc. now owns 22,108 shares of the specialty chemicals company’s stock worth $2,928,000 after purchasing an additional 16,956 shares during the period. HighTower Advisors LLC boosted its position in PPG Industries by 13.5% during the third quarter. HighTower Advisors LLC now owns 74,837 shares of the specialty chemicals company’s stock worth $9,914,000 after purchasing an additional 8,905 shares during the period. Finally, Janus Henderson Group PLC increased its stake in shares of PPG Industries by 10.0% in the third quarter. Janus Henderson Group PLC now owns 36,422 shares of the specialty chemicals company’s stock worth $4,824,000 after purchasing an additional 3,300 shares in 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.