PPG Industries, Inc. (PPG) Lifted to “Hold” at Zacks Investment Research

PPG Industries, Inc. (NYSE:PPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, August 1st.

According to Zacks, “PPG Industries reported a year-over-year increase in adjusted earnings for second-quarter 2017, beating the Zacks Consensus Estimate. However, net sales in the quarter rose modestly year-over-year and trailed estimates. PPG Industries is taking steps for growing organically as well as cutting costs. The company also remains committed to deploy cash on acquisitions and share repurchases. However, the company's shares have underperformed the industry it belongs to over the past one year. PPG Industries faces currency headwind and macroeconomic challenges. Some of its end-markets including marine still remain sluggish. It is also exposed to volatility in raw materials and energy costs.”

Several other equities analysts have also recently issued reports on PPG. BidaskClub cut PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. SunTrust Banks, Inc. cut PPG Industries from a “buy” rating to a “hold” rating and dropped their price target for the company from $120.00 to $113.00 in a research report on Monday, July 24th. Bank of America Corporation cut PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price target on the stock. in a research report on Monday, July 24th. Jefferies Group LLC restated a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research report on Thursday, July 6th. Finally, Credit Suisse Group set a $113.00 price objective on PPG Industries and gave the company a “buy” rating in a report on Sunday, July 23rd. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. PPG Industries currently has an average rating of “Hold” and an average price target of $114.50.

Shares of PPG Industries (NYSE PPG) traded down 0.59% during mid-day trading on Tuesday, hitting $100.73. The stock had a trading volume of 1,536,922 shares. The firm has a market cap of $25.84 billion, a PE ratio of 26.50 and a beta of 1.54. The firm has a 50 day moving average price of $108.24 and a 200 day moving average price of $106.17. PPG Industries has a 52-week low of $89.64 and a 52-week high of $113.67.

PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 EPS. Equities analysts predict that PPG Industries will post $6.11 EPS for the current year.

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Several large investors have recently made changes to their positions in the company. Harbour Capital Advisors LLC raised its stake in shares of PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after buying an additional 10,896 shares during the period. Cable Hill Partners LLC raised its stake in shares of PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 77 shares during the period. Bruderman Asset Management LLC purchased a new stake in shares of PPG Industries during the second quarter valued at approximately $105,000. Baystate Wealth Management LLC raised its stake in shares of PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares during the period. Finally, V Wealth Management LLC purchased a new stake in shares of PPG Industries during the second quarter valued at approximately $112,000. 71.81% of the stock is currently owned by institutional investors and hedge funds.

About PPG Industries

PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. 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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