Citigroup Adjusts Price Target for PPG Industries

Citigroup has recently updated its price target for PPG Industries (NYSE: PPG), lowering the estimate from $150.00 to $145.00. This announcement was made in a research report released on Wednesday. Despite the reduction in the target price, Citigroup maintains a "buy" rating on the specialty chemicals company’s stock. The new target price implies a potential upside of 17.80% based on the stock’s previous closing price.

In addition to Citigroup, other analysts have also made adjustments to their evaluations of PPG Industries. For instance, Mizuho lowered their target price from $160.00 to $150.00 and rated the stock as "outperform" in a report issued on October 17. Subsequently, BMO Capital Markets reaffirmed their "outperform" rating but decreased their price target to $155.00, down from $160.00, in a report dated October 21.

Royal Bank of Canada also made changes, adjusting their price target from $138.00 to $136.00 and assigning a "sector perform" rating on October 22. Moreover, JPMorgan Chase reduced their price target from $155.00 to $145.00 while maintaining an "overweight" rating as of October 18. Lastly, StockNews.com upgraded PPG Industries from a "buy" rating to a "strong-buy" rating on December 12.

Currently, PPG Industries is rated with six hold ratings, eleven buy ratings, and one strong buy rating by various analysts. As per MarketBeat data, the consensus rating stands at "Moderate Buy" with an average target price of $150.00.

Stock Performance Overview

On Wednesday, PPG Industries saw its stock rise by $1.03 during trading, bringing the price to $123.09. The trading volume for the day reached 620,548 shares, considerably lower than the average volume of 1,610,332 shares. The company has a market capitalization of $28.56 billion and a price-to-earnings (P/E) ratio of 19.51. Its current ratio is noted at 1.58 while the debt-to-equity ratio stands at 0.77.

The company reported its quarterly earnings on October 16, announcing an earnings per share (EPS) of $2.13, which was slightly below the consensus estimate of $2.15. PPG Industries generated revenue of $4.58 billion for the quarter, falling short of analysts' expectations of $4.66 billion. The revenue was down 1.5% compared to the same quarter last year, with the prior year’s EPS being $2.07. Analysts predict that the company will achieve an EPS of 8.18 for the current fiscal year.

Insider Transactions

In other news, PPG Industries Vice President Anne M. Foulkes sold 1,985 shares of the company's stock on October 31. The shares were sold at an average price of $125.80, totaling $249,713. Following this transaction, Foulkes retains ownership of 13,454 shares, valued at approximately $1.69 million. Insider ownership currently stands at 0.56%.

Institutional Investors' Activity

Institutional investors have been active in adjusting their positions in PPG Industries. Notably, State Street Corp increased its stake by 4.4% in the third quarter, owning 11,717,499 shares after acquiring an additional 491,774 shares. Wellington Management Group also raised its holdings by 5.7%, now holding 8,977,010 shares after acquisition. Additionally, Franklin Resources increased its ownership by 5.7%, now holding 3,136,570 shares.

Overall, a significant 81.86% of PPG Industries' stock is owned by institutional investors, indicating strong confidence in the company's performance.

Company Overview

PPG Industries, Inc. manufactures and distributes a variety of paints, coatings, and specialty materials across regions including the United States, Canada, Asia Pacific, Latin America, Europe, the Middle East, and Africa. The company operates through two main segments: Performance Coatings and Industrial Coatings.

Conclusion

As PPG Industries navigates market fluctuations and analyst ratings, it remains a notable company in the specialty chemicals industry with potential for growth based on current analyst ratings.

Citigroup, PPG, Target