PPG Industries (NYSE:PPG) Given New $142.00 Price Target at Barclays

Posted by Defense World Staff on Apr 11th, 2023

PPG Industries (NYSE:PPG – Get Rating) had its target price upped by Barclays from $130.00 to $142.00 in a report released on Monday morning, The Fly reports.

Several other equities research analysts also recently issued reports on PPG. Credit Suisse Group raised their price objective on shares of PPG Industries from $118.00 to $128.00 in a research note on Monday, April 3rd. Morgan Stanley boosted their price target on PPG Industries from $120.00 to $140.00 and gave the company an equal weight rating in a research note on Tuesday, April 4th. Mizuho reissued a buy rating and issued a $142.00 target price on shares of PPG Industries in a report on Tuesday, February 7th. Royal Bank of Canada boosted their target price on shares of PPG Industries from $133.00 to $143.00 and gave the stock a sector perform rating in a research note on Tuesday, April 4th. Finally, JPMorgan Chase & Co. boosted their price objective on PPG Industries from $116.00 to $130.00 and gave the stock a neutral rating in a report on Monday, January 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $140.58.

PPG Industries Stock Up 0.2 %

PPG stock opened at $138.34 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.52 and a debt-to-equity ratio of 0.97. PPG Industries has a 12-month low of $107.06 and a 12-month high of $140.22. The company has a 50 day moving average of $130.24 and a two-hundred day moving average of $125.81. The company has a market cap of $32.56 billion, a price-to-earnings ratio of 31.95, a PEG ratio of 2.89 and a beta of 1.17.

PPG Industries (NYSE:PPG – Get Rating) last issued its quarterly earnings data on Friday, January 20th. The specialty chemicals company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.08. The business had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $4.12 billion. PPG Industries had a return on equity of 22.55% and a net margin of 5.81%. The firm’s revenue was down .1% compared to the same quarter last year. During the same period last year, the business earned $1.26 EPS. On average, equities analysts anticipate that PPG Industries will post 6.77 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend was Thursday, February 16th. PPG Industries’s dividend payout ratio is currently 57.27%.

Insiders Place Their Bets

In other news, VP Anne M. Foulkes sold 21,757 shares of the firm’s stock in a transaction that occurred on Tuesday, January 24th. The shares were sold at an average price of $128.33, for a total transaction of $2,792,075.81. Following the completion of the sale, the vice president now owns 10,577 shares in the company, valued at approximately $1,357,346.41. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Anne M. Foulkes sold 21,757 shares of PPG Industries stock in a transaction on Tuesday, January 24th. The shares were sold at an average price of $128.33, for a total value of $2,792,075.81. Following the transaction, the vice president now directly owns 10,577 shares of the company’s stock, valued at $1,357,346.41. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael H. Mcgarry sold 61,867 shares of PPG Industries stock in a transaction that occurred on Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total value of $8,040,235.32. Following the sale, the chairman now owns 183,645 shares in the company, valued at $23,866,504.20. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.

Institutional Investors Weigh In On PPG Industries

Institutional investors have recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of PPG Industries by 12.6% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,967 shares of the specialty chemicals company’s stock worth $1,989,000 after purchasing an additional 2,015 shares during the period. Stratos Wealth Advisors LLC increased its stake in PPG Industries by 57.5% during the fourth quarter. Stratos Wealth Advisors LLC now owns 6,864 shares of the specialty chemicals company’s stock valued at $863,000 after purchasing an additional 2,507 shares during the last quarter. Insight Folios Inc grew its holdings in shares of PPG Industries by 8.1% during the third quarter. Insight Folios Inc now owns 2,448 shares of the specialty chemicals company’s stock valued at $271,000 after purchasing an additional 183 shares during the last quarter. Romano Brothers AND Company acquired a new stake in shares of PPG Industries during the 4th quarter worth approximately $141,000. Finally, Mutual of America Capital Management LLC increased its position in PPG Industries by 0.7% in the 3rd quarter. Mutual of America Capital Management LLC now owns 42,137 shares of the specialty chemicals company’s stock valued at $4,664,000 after acquiring an additional 312 shares during the period. 80.04% of the stock is currently owned by institutional investors and hedge funds.

PPG Industries Company Profile

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PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment supplies a variety of protective and decorative coatings, sealants, and finishes along with pavement marking products, paint strippers, stains, and related chemicals, as well as transparencies and transparent armor.