Wells Fargo & Company Issues Pessimistic Forecast for PPG Industries (NYSE:PPG) Stock Price

PPG Industries (NYSE:PPG) had its price objective lowered by Wells Fargo & Company from $135.00 to $130.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 22.95% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Mizuho dropped their target price on shares of PPG Industries from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group dropped their target price on shares of PPG Industries from $153.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Argus lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, March 10th. Seaport Res Ptn downgraded PPG Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 5th. Finally, StockNews.com downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, February 3rd. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, PPG Industries has a consensus rating of “Hold” and a consensus price target of $137.77.

PPG Industries Trading Down 4.0 %

NYSE:PPG traded down $4.38 during mid-day trading on Thursday, hitting $105.73. 941,667 shares of the company’s stock were exchanged, compared to its average volume of 2,208,841. 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 company has a 50 day simple moving average of $114.61 and a 200-day simple moving average of $120.85. The firm has a market capitalization of $24.00 billion, a P/E ratio of 22.35, a PEG ratio of 2.19 and a beta of 1.22. PPG Industries has a fifty-two week low of $104.40 and a fifty-two week high of $143.98.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share (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%. As a group, research analysts expect that PPG Industries will post 7.95 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Timothy M. Knavish sold 4,800 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $118.35, for a total transaction of $568,080.00. Following the sale, the chief executive officer now directly owns 35,833 shares of the company’s stock, valued at $4,240,835.55. This trade represents a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new position in PPG Industries in the 4th quarter valued at about $26,000. Legend Financial Advisors Inc. acquired a new stake in shares of PPG Industries in the fourth quarter worth approximately $27,000. Prudent Man Investment Management Inc. purchased a new position in PPG Industries in the 4th quarter valued at $36,000. Albion Financial Group UT purchased a new position in shares of PPG Industries in the fourth quarter worth about $38,000. Finally, Crews Bank & Trust acquired a new position in PPG Industries during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

About PPG Industries

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.