Credit Suisse Group Reaffirms “Hold” Rating for PPG Industries (NYSE:PPG)

Credit Suisse Group Reaffirms “Hold” Rating for PPG Industries (NYSE:PPG)

PPG Industries (NYSE:PPG)‘s stock had its “hold” rating reissued by stock analysts at Credit Suisse Group in a note issued to investors on Thursday, January 17th. They currently have a $115.00 price target on the specialty chemicals company’s stock. Credit Suisse Group’s price target points to a potential upside of 9.67% from the company’s previous close.

PPG has been the topic of a number of other reports. Zacks Investment Research reiterated a “hold” rating on shares of PPG Industries in a research report on Monday, December 31st. Vertical Research lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Citigroup raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $123.00 price target for the company in a research note on Thursday, November 29th. Deutsche Bank boosted their price target on shares of PPG Industries from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, November 1st. Finally, Royal Bank of Canada raised shares of PPG Industries from a “sector perform” rating to an “outperform” rating and set a $96.43 price target for the company in a research note on Thursday, December 20th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $117.25.

NYSE:PPG traded up $0.01 on Thursday, reaching $104.86. The stock had a trading volume of 983,778 shares, compared to its average volume of 1,446,410. The firm has a market cap of $25.15 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 1.98 and a beta of 1.20. PPG Industries has a 1-year low of $94.37 and a 1-year high of $118.62. The company has a quick ratio of 0.96, a current ratio of 1.37 and a debt-to-equity ratio of 0.99.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, January 17th. The specialty chemicals company reported $1.15 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.05. PPG Industries had a net margin of 8.84% and a return on equity of 27.86%. The firm had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same period in the previous year, the business earned $1.19 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, research analysts expect that PPG Industries will post 6.23 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of PPG. FMR LLC increased its stake in PPG Industries by 72.4% in the second quarter. FMR LLC now owns 737,897 shares of the specialty chemicals company’s stock valued at $76,542,000 after purchasing an additional 309,863 shares in the last quarter. Macquarie Group Ltd. boosted its holdings in shares of PPG Industries by 0.9% in the second quarter. Macquarie Group Ltd. now owns 139,042 shares of the specialty chemicals company’s stock valued at $14,424,000 after buying an additional 1,204 shares during the period. Vident Investment Advisory LLC acquired a new position in PPG Industries during the second quarter worth $442,000. California Public Employees Retirement System boosted its holdings in PPG Industries by 5.7% during the second quarter. California Public Employees Retirement System now owns 721,908 shares of the specialty chemicals company’s stock worth $74,884,000 after purchasing an additional 39,196 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in PPG Industries by 5,231.9% during the second quarter. Advisors Asset Management Inc. now owns 258,863 shares of the specialty chemicals company’s stock worth $480,000 after purchasing an additional 254,008 shares during the last quarter. 78.32% 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 and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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