PPG Industries (PPG) Stock Rating Lowered by Atlantic Securities
Atlantic Securities cut shares of PPG Industries (NYSE:PPG) from an overweight rating to a neutral rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports.
PPG has been the topic of several other reports. Zacks Investment Research cut shares of PPG Industries from a hold rating to a sell rating in a research note on Wednesday, December 20th. Credit Suisse Group set a $119.00 price objective on shares of PPG Industries and gave the company a buy rating in a research note on Friday, October 20th. Jefferies Group reissued a buy rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Thursday, October 19th. Bank of America set a $120.00 price objective on shares of PPG Industries and gave the company a hold rating in a research note on Friday, October 20th. Finally, Citigroup boosted their price objective on shares of PPG Industries from $114.00 to $127.00 and gave the company a neutral rating in a research note on Wednesday, October 25th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $123.47.
Shares of PPG Industries (PPG) traded up $0.03 during trading on Wednesday, hitting $118.44. 2,943,268 shares of the stock were exchanged, compared to its average volume of 1,330,000. The firm has a market cap of $30,140.00, a PE ratio of 21.73, a price-to-earnings-growth ratio of 2.08 and a beta of 1.60. PPG Industries has a fifty-two week low of $97.87 and a fifty-two week high of $122.07. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68.
PPG Industries declared that its board has authorized a share buyback program on Thursday, December 14th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.52%. PPG Industries’s dividend payout ratio (DPR) is presently 33.03%.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of PPG Industries by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock worth $2,171,845,000 after purchasing an additional 310,086 shares during the period. Wells Fargo & Company MN increased its holdings in shares of PPG Industries by 18.8% in the third quarter. Wells Fargo & Company MN now owns 3,211,728 shares of the specialty chemicals company’s stock worth $348,987,000 after acquiring an additional 509,356 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of PPG Industries by 3.1% in the third quarter. Nordea Investment Management AB now owns 2,844,229 shares of the specialty chemicals company’s stock worth $309,054,000 after acquiring an additional 85,980 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of PPG Industries by 7.9% in the third quarter. Bank of New York Mellon Corp now owns 2,724,238 shares of the specialty chemicals company’s stock worth $296,017,000 after acquiring an additional 199,074 shares in the last quarter. Finally, Parnassus Investments CA increased its holdings in shares of PPG Industries by 3.9% in the third quarter. Parnassus Investments CA now owns 2,455,827 shares of the specialty chemicals company’s stock worth $266,850,000 after acquiring an additional 91,417 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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