JPMorgan Chase & Co. Trims PPG Industries (NYSE:PPG) Target Price to $145.00

PPG Industries (NYSE:PPG) had its target price lowered by JPMorgan Chase & Co. from $155.00 to $145.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the specialty chemicals company’s stock.

Several other research firms have also recently issued reports on PPG. KeyCorp reduced their price objective on shares of PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Bank of America cut their price objective on shares of PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. BMO Capital Markets cut their price target on shares of PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Citigroup reduced their price target on PPG Industries from $145.00 to $144.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Finally, Royal Bank of Canada reduced their target price on shares of PPG Industries from $140.00 to $139.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 23rd. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $150.14.

PPG Industries Price Performance

NYSE:PPG opened at $128.83 on Friday. PPG Industries has a 52-week low of $118.07 and a 52-week high of $151.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.05 and a current ratio of 1.49. The firm has a market capitalization of $30.21 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 1.73 and a beta of 1.26. The stock has a fifty day moving average of $127.41 and a 200 day moving average of $128.93.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Wednesday, October 16th. The specialty chemicals company reported $2.13 earnings per share for the quarter, missing the consensus estimate of $2.15 by ($0.02). The firm had revenue of $4.58 billion for the quarter, compared to the consensus estimate of $4.66 billion. PPG Industries had a net margin of 7.98% and a return on equity of 23.57%. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.07 earnings per share. On average, research analysts expect that PPG Industries will post 8.24 EPS for the current fiscal year.

PPG Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s dividend payout ratio (DPR) is 45.95%.

Institutional Investors Weigh In On PPG Industries

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in PPG Industries by 17.2% during the 1st quarter. Vanguard Group Inc. now owns 28,703,066 shares of the specialty chemicals company’s stock valued at $4,159,074,000 after purchasing an additional 4,222,402 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of PPG Industries by 20.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,197,012 shares of the specialty chemicals company’s stock valued at $276,576,000 after acquiring an additional 368,410 shares during the period. Federated Hermes Inc. grew its stake in PPG Industries by 91.0% during the 2nd quarter. Federated Hermes Inc. now owns 523,509 shares of the specialty chemicals company’s stock valued at $65,905,000 after acquiring an additional 249,406 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of PPG Industries by 549.0% during the second quarter. SG Americas Securities LLC now owns 256,142 shares of the specialty chemicals company’s stock worth $32,246,000 after acquiring an additional 216,675 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in PPG Industries in the first quarter worth approximately $31,033,000. 81.86% of the stock is currently owned by institutional investors.

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.