Mizuho Trims PPG Industries (NYSE:PPG) Target Price to $150.00

PPG Industries (NYSE:PPG) had its target price trimmed by Mizuho from $160.00 to $150.00 in a report released on Thursday morning, Marketbeat reports. The firm currently has an outperform rating on the specialty chemicals company’s stock.

Other equities research analysts have also issued research reports about the company. Bank of America lowered their price objective on PPG Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. KeyCorp lowered their price objective on PPG Industries from $162.00 to $153.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. UBS Group upped their price objective on PPG Industries from $140.00 to $142.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. BMO Capital Markets lowered their price objective on PPG Industries from $165.00 to $161.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Finally, Barclays reduced their target price on PPG Industries from $148.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, July 22nd. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $150.50.

PPG Industries Price Performance

Shares of NYSE PPG opened at $130.93 on Thursday. The business’s 50 day moving average price is $127.21 and its 200 day moving average price is $129.10. The firm has a market cap of $30.55 billion, a P/E ratio of 21.46, a P/E/G ratio of 1.73 and a beta of 1.26. PPG Industries has a 52 week low of $118.07 and a 52 week high of $151.16. The company has a quick ratio of 1.05, a current ratio of 1.49 and a debt-to-equity ratio of 0.73.

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

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Tuesday, November 12th. PPG Industries’s dividend payout ratio is currently 44.59%.

Hedge Funds Weigh In On PPG Industries

A number of institutional investors have recently bought and sold shares of the company. Financial Connections Group Inc. purchased a new stake in shares of PPG Industries during the 2nd quarter valued at approximately $25,000. Riverview Trust Co purchased a new stake in PPG Industries in the first quarter valued at $34,000. Rothschild Investment LLC acquired a new position in shares of PPG Industries in the 2nd quarter valued at $37,000. LRI Investments LLC grew its holdings in shares of PPG Industries by 463.8% during the 2nd quarter. LRI Investments LLC now owns 389 shares of the specialty chemicals company’s stock worth $49,000 after purchasing an additional 320 shares during the period. Finally, Slocum Gordon & Co LLP increased its position in shares of PPG Industries by 51.7% during the 2nd quarter. Slocum Gordon & Co LLP now owns 455 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 155 shares during the last quarter. 81.86% of the stock is owned by hedge funds and other 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.