PPG Industries (NYSE:PPG) Upgraded by BMO Capital Markets to “Outperform”

BMO Capital Markets upgraded shares of PPG Industries (NYSE:PPG) from a market perform rating to an outperform rating in a research report report published on Tuesday morning, Benzinga reports. BMO Capital Markets currently has $125.00 price objective on the specialty chemicals company’s stock, up from their prior price objective of $121.00.

A number of other analysts also recently issued reports on the stock. Royal Bank of Canada raised their price target on shares of PPG Industries from $102.00 to $112.00 and gave the stock an outperform rating in a report on Tuesday, June 2nd. Bank of America upgraded shares of PPG Industries from an underperform rating to a neutral rating in a report on Monday, March 23rd. JPMorgan Chase & Co. lifted their target price on shares of PPG Industries from $100.00 to $105.00 and gave the company an overweight rating in a report on Friday, May 22nd. Berenberg Bank downgraded shares of PPG Industries from a buy rating to a hold rating in a report on Wednesday, March 25th. Finally, Deutsche Bank lifted their target price on shares of PPG Industries from $108.00 to $115.00 and gave the company a buy rating in a report on Friday, June 26th. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. PPG Industries currently has a consensus rating of Buy and an average price target of $111.95.

PPG opened at $103.94 on Tuesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.36 and a quick ratio of 1.00. The company’s 50 day simple moving average is $100.56 and its two-hundred day simple moving average is $107.65. PPG Industries has a 1-year low of $69.77 and a 1-year high of $134.36. The firm has a market capitalization of $24.52 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 2.50 and a beta of 1.26.

PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Monday, April 27th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.02. The business had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.42 billion. PPG Industries had a net margin of 7.88% and a return on equity of 27.56%. The business’s revenue was down 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.38 EPS. On average, equities analysts anticipate that PPG Industries will post 4.3 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Monday, May 11th were given a dividend of $0.51 per share. The ex-dividend date was Friday, May 8th. This represents a $2.04 annualized dividend and a dividend yield of 1.96%. PPG Industries’s dividend payout ratio (DPR) is currently 32.80%.

Several institutional investors have recently added to or reduced their stakes in the company. AXA lifted its position in shares of PPG Industries by 8.5% during the 1st quarter. AXA now owns 146,068 shares of the specialty chemicals company’s stock worth $12,212,000 after purchasing an additional 11,476 shares during the last quarter. Confluence Investment Management LLC lifted its position in PPG Industries by 8.8% in the first quarter. Confluence Investment Management LLC now owns 199,857 shares of the specialty chemicals company’s stock valued at $16,708,000 after acquiring an additional 16,190 shares during the last quarter. National Pension Service lifted its position in PPG Industries by 1.4% in the first quarter. National Pension Service now owns 334,107 shares of the specialty chemicals company’s stock valued at $27,931,000 after acquiring an additional 4,734 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in PPG Industries by 207.0% in the first quarter. The Manufacturers Life Insurance Company now owns 682,768 shares of the specialty chemicals company’s stock valued at $57,080,000 after acquiring an additional 460,403 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in PPG Industries by 16.9% in the first quarter. Clearbridge Investments LLC now owns 6,571,310 shares of the specialty chemicals company’s stock valued at $549,362,000 after acquiring an additional 947,678 shares during the last quarter. 76.91% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for PPG Industries (NYSE:PPG)

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