PPG Industries (NYSE:PPG) Sets New 12-Month High on Analyst Upgrade

Shares of PPG Industries, Inc. (NYSE:PPG) hit a new 52-week high on Tuesday after Morgan Stanley raised their price target on the stock from $147.00 to $175.00. Morgan Stanley currently has an equal weight rating on the stock. PPG Industries traded as high as $179.56 and last traded at $178.75, with a volume of 1941940 shares traded. The stock had previously closed at $173.01.

Several other equities analysts also recently commented on the company. Barclays increased their target price on PPG Industries from $155.00 to $188.00 and gave the company an “equal weight” rating in a research report on Monday, April 26th. Bank of America upgraded PPG Industries from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Tuesday, January 26th. Wells Fargo & Company increased their target price on PPG Industries from $173.00 to $195.00 and gave the company an “overweight” rating in a research report on Monday, April 19th. Berenberg Bank upgraded PPG Industries from a “hold” rating to a “buy” rating and increased their target price for the company from $135.00 to $165.00 in a research report on Thursday, January 14th. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $145.00 target price on shares of PPG Industries in a research report on Monday, March 22nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $166.13.

In related news, SVP Vadlamannati Ramaprasad sold 20,956 shares of the firm’s stock in a transaction that occurred on Tuesday, April 20th. The stock was sold at an average price of $168.84, for a total transaction of $3,538,211.04. Following the completion of the sale, the senior vice president now owns 28,192 shares of the company’s stock, valued at $4,759,937.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.41% of the company’s stock.

A number of institutional investors have recently made changes to their positions in PPG. Norges Bank acquired a new stake in PPG Industries in the fourth quarter valued at approximately $646,570,000. JPMorgan Chase & Co. grew its stake in PPG Industries by 16.9% in the fourth quarter. JPMorgan Chase & Co. now owns 8,396,267 shares of the specialty chemicals company’s stock valued at $1,210,910,000 after acquiring an additional 1,216,349 shares during the period. Morgan Stanley grew its stake in PPG Industries by 46.4% in the fourth quarter. Morgan Stanley now owns 2,117,435 shares of the specialty chemicals company’s stock valued at $305,378,000 after acquiring an additional 671,287 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in PPG Industries in the fourth quarter valued at approximately $96,792,000. Finally, KBC Group NV grew its stake in PPG Industries by 243.8% in the fourth quarter. KBC Group NV now owns 243,508 shares of the specialty chemicals company’s stock valued at $35,119,000 after acquiring an additional 172,686 shares during the period. 78.36% of the stock is owned by hedge funds and other institutional investors.

The company has a quick ratio of 1.16, a current ratio of 1.52 and a debt-to-equity ratio of 0.89. The stock has a 50 day simple moving average of $158.08 and a 200 day simple moving average of $145.60. The stock has a market cap of $42.38 billion, a price-to-earnings ratio of 39.46, a PEG ratio of 3.21 and a beta of 1.11.

PPG Industries (NYSE:PPG) last announced its earnings results on Wednesday, April 14th. The specialty chemicals company reported $1.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.31. The company had revenue of $3.88 billion for the quarter, compared to analysts’ expectations of $3.68 billion. PPG Industries had a return on equity of 25.01% and a net margin of 7.85%. PPG Industries’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 earnings per share. Equities analysts expect that PPG Industries, Inc. will post 5.67 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 11th. Investors of record on Monday, May 10th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, May 7th. This represents a $2.16 annualized dividend and a dividend yield of 1.21%. PPG Industries’s payout ratio is 34.73%.

About PPG Industries (NYSE:PPG)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company's 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; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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