PPG Industries (NYSE:PPG) Rating Lowered to "Hold" at KeyCorp

KeyCorp lowered shares of PPG Industries (NYSE:PPG - Free Report) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

PPG has been the subject of a number of other reports. Citigroup dropped their price objective on shares of PPG Industries from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on PPG Industries from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday. Mizuho cut their price target on PPG Industries from $160.00 to $150.00 and set an "outperform" rating for the company in a report on Thursday, October 17th. BMO Capital Markets reaffirmed an "outperform" rating and set a $155.00 price objective (down previously from $160.00) on shares of PPG Industries in a research note on Monday, October 21st. Finally, Royal Bank of Canada dropped their price objective on PPG Industries from $138.00 to $136.00 and set a "sector perform" rating for the company in a research report on Tuesday, October 22nd. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $149.29.

PPG Industries Price Performance

PPG Industries stock traded down $1.73 during mid-day trading on Monday, reaching $119.52. The company had a trading volume of 3,493,530 shares, compared to its average volume of 1,630,682. The stock's 50-day simple moving average is $125.15 and its 200-day simple moving average is $126.33. PPG Industries has a 1 year low of $118.07 and a 1 year high of $150.82. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The company has a market capitalization of $27.73 billion, a P/E ratio of 18.94, a P/E/G ratio of 1.90 and a beta of 1.24.

PPG Industries (NYSE:PPG - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $4.66 billion. PPG Industries had a net margin of 8.24% and a return on equity of 23.63%. The business's revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.07 earnings per share. On average, equities analysts predict that PPG Industries will post 8.18 EPS for the current year.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.68 per share. The ex-dividend date was Tuesday, November 12th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 2.28%. PPG Industries's payout ratio is 43.11%.

Insider Buying and Selling

In other news, VP Anne M. Foulkes sold 1,985 shares of the business's stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $125.80, for a total transaction of $249,713.00. Following the completion of the sale, the vice president now owns 13,454 shares in the company, valued at approximately $1,692,513.20. The trade was a 12.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Insight Folios Inc increased its position in shares of PPG Industries by 3.8% in the third quarter. Insight Folios Inc now owns 2,217 shares of the specialty chemicals company's stock worth $294,000 after acquiring an additional 81 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in PPG Industries by 0.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 20,244 shares of the specialty chemicals company's stock valued at $2,549,000 after purchasing an additional 82 shares during the period. Klingman & Associates LLC lifted its stake in shares of PPG Industries by 2.6% during the second quarter. Klingman & Associates LLC now owns 3,326 shares of the specialty chemicals company's stock worth $419,000 after purchasing an additional 83 shares in the last quarter. Bradley Foster & Sargent Inc. CT boosted its position in shares of PPG Industries by 1.7% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 5,310 shares of the specialty chemicals company's stock worth $669,000 after buying an additional 90 shares during the period. Finally, Alpha DNA Investment Management LLC boosted its position in shares of PPG Industries by 1.1% in the third quarter. Alpha DNA Investment Management LLC now owns 8,344 shares of the specialty chemicals company's stock worth $1,105,000 after buying an additional 92 shares during the period. 81.86% of the stock is owned by institutional investors and hedge funds.

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.