PPG Industries (NYSE:PPG) Price Target Cut to $113.00 by Analysts at Citigroup

PPG Industries (NYSE:PPG - Get Free Report) had its price objective cut by analysts at Citigroup from $135.00 to $113.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the specialty chemicals company's stock. Citigroup's target price would suggest a potential upside of 12.16% from the company's previous close.

Several other research firms have also commented on PPG. Wells Fargo & Company reduced their price target on shares of PPG Industries from $135.00 to $130.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. KeyCorp lowered PPG Industries from a "strong-buy" rating to a "hold" rating in a report on Monday, December 16th. StockNews.com downgraded PPG Industries from a "buy" rating to a "hold" rating in a report on Monday, February 3rd. UBS Group decreased their price objective on PPG Industries from $128.00 to $126.00 and set a "neutral" rating for the company in a research note on Friday, January 31st. Finally, Deutsche Bank Aktiengesellschaft cut their target price on PPG Industries from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $134.15.

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PPG Industries Trading Up 2.3 %

Shares of PPG Industries stock traded up $2.22 on Tuesday, hitting $100.75. 1,906,436 shares of the company traded hands, compared to its average volume of 1,798,791. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The company has a market cap of $22.87 billion, a PE ratio of 21.30, a PEG ratio of 2.19 and a beta of 1.16. The stock's 50 day moving average price is $110.83 and its 200-day moving average price is $119.09. PPG Industries has a 52 week low of $90.24 and a 52 week high of $137.24.

PPG Industries (NYSE:PPG - Get Free Report) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $1.61 earnings per share for the quarter, missing analysts' consensus estimates of $1.65 by ($0.04). PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. Equities research analysts predict that PPG Industries will post 7.95 EPS for the current year.

Insider Buying and Selling

In related news, CEO Timothy M. Knavish sold 4,800 shares of the business's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $118.35, for a total transaction of $568,080.00. Following the completion of the transaction, the chief executive officer now directly owns 35,833 shares in the company, valued at $4,240,835.55. The trade was a 11.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On PPG Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in PPG Industries during the fourth quarter valued at approximately $470,535,000. Kovitz Investment Group Partners LLC increased its holdings in shares of PPG Industries by 482.2% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,337,649 shares of the specialty chemicals company's stock valued at $518,132,000 after purchasing an additional 3,592,655 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of PPG Industries by 815.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,031,164 shares of the specialty chemicals company's stock valued at $362,074,000 after purchasing an additional 2,700,018 shares in the last quarter. First Eagle Investment Management LLC boosted its holdings in PPG Industries by 138.9% during the fourth quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company's stock worth $381,876,000 after buying an additional 1,858,895 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in PPG Industries by 17.7% during the fourth quarter. Wellington Management Group LLP now owns 10,567,051 shares of the specialty chemicals company's stock valued at $1,262,234,000 after buying an additional 1,590,041 shares during the period. Institutional investors and hedge funds own 81.86% of the company's stock.

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.