PPG Industries (NYSE:PPG) Sets New 52-Week Low – Here’s What Happened

Shares of PPG Industries, Inc. (NYSE:PPG) hit a new 52-week low on Friday . The stock traded as low as $113.49 and last traded at $113.49, with a volume of 491356 shares trading hands. The stock had previously closed at $115.69.

Analyst Ratings Changes

Several equities research analysts have recently commented on PPG shares. Citigroup cut their price target on PPG Industries from $150.00 to $145.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada cut their price objective on shares of PPG Industries from $138.00 to $136.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 22nd. KeyCorp cut shares of PPG Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 16th. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price target (down from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of PPG Industries from $155.00 to $145.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.29.

PPG Industries Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The company has a market capitalization of $26.48 billion, a PE ratio of 18.09, a P/E/G ratio of 1.90 and a beta of 1.24. The stock has a 50-day simple moving average of $122.25 and a 200 day simple moving average of $125.16.

PPG Industries (NYSE:PPG) last released its quarterly earnings data on Wednesday, October 16th. The specialty chemicals company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.15 by ($0.02). The business had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.66 billion. PPG Industries had a return on equity of 23.63% and a net margin of 8.24%. 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 earned $2.07 earnings per share. Equities analysts anticipate that PPG Industries, Inc. will post 8.18 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Tuesday, November 12th. PPG Industries’s payout ratio is 43.11%.

Insider Activity

In other PPG Industries news, VP Anne M. Foulkes sold 1,985 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the transaction, the vice president now owns 13,454 shares of the company’s stock, valued at $1,692,513.20. This represents a 12.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On PPG Industries

Several large investors have recently added to or reduced their stakes in PPG. Legend Financial Advisors Inc. acquired a new stake in shares of PPG Industries in the fourth quarter worth approximately $27,000. Pin Oak Investment Advisors Inc. grew its stake in shares of PPG Industries by 465.1% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 243 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 200 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of PPG Industries during the 3rd quarter worth $34,000. Hara Capital LLC acquired a new stake in shares of PPG Industries during the 3rd quarter worth $40,000. Finally, Ashton Thomas Securities LLC purchased a new position in shares of PPG Industries in the 3rd quarter worth $46,000. 81.86% of the stock is currently owned by hedge funds and other 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.