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PPG

PPG

$97.72

-2.915 (-2.90%)

08:57
10/25/18
10/25
08:57
10/25/18
08:57

PPG comments on Trian Partners' statement

PPG issued the following statement: "Shortly after Trian Partners disclosed its investment in PPG, two of PPG's independent directors traveled to meet with Trian to listen to their perspectives on PPG. During the meeting, PPG established a framework for a constructive and private dialogue, with which Trian agreed, and that framework was discussed in detail with the PPG Board of Directors. We have a long history of listening to our shareholders and we hope that Trian is willing to accept our offer for a continuing, constructive private dialogue. At the meeting and in subsequent conversations, PPG's directors made clear that the Board of Directors unanimously supports Michael McGarry as Chairman and CEO, but that PPG and the Board are open to listening to Trian on other topics. PPG's Board and management team remain dedicated to creating value for all PPG shareholders. The PPG Board of Directors also believes that the company's strategic plan has positioned PPG to drive growth and increase shareholder value. The management team remains actively focused on delivering strong results, including top-quartile operating margins, in a challenging macro environment for the industry and continuing to grow its business through innovative technology and disciplined acquisitions. We have emphasized returning cash to shareholders, dedicating about 65% of our cash deployment in 2016 and 2017 to dividends and share repurchases - $2.7 billion in total - with an additional $1.6 billion through the first three quarters of 2018."

PPG PPG
$97.72

-2.915 (-2.90%)

10/19/18
BMOC
10/19/18
NO CHANGE
Target $107
BMOC
Market Perform
PPG price target lowered to $107 from $116 at BMO Capital
BMO Capital analyst John McNulty lowered his price target on PPG to $107 and kept his Market Perform rating after a "tough" set of Q3 results. The analyst is particularly concerned with deteriorating raw material cost to price dynamic and reduced volumes in a number of end markes. McNulty is positive on PPG's capital deployment strategy, but also believes that its 12-times forward EBITDA multiple supports a neutral stance.
10/19/18
JPMS
10/19/18
UPGRADE
Target $105
JPMS
Overweight
JPMorgan upgrades PPG to Overweight with business prospects bottoming
JPMorgan analyst Jeffrey Zekauskas upgraded PPG Industries to Overweight from Neutral and raised his price target for the shares to $105 from $103. The company's business prospects, exclusive of a recessionary environment, "are probably touching bottom now," Zekauskas tells investors in a research note. Raw material costs are no longer rising, the analyst says, and he does not expect further near-term upward movement in propylene or in titanium dioxide raw material prices. Further, while the rate of price improvement in paints and coatings products "remains slow," it may accelerate, Zekauskas tells investors in a research note.
10/19/18
JPMS
10/19/18
UPGRADE
Target $105
JPMS
Overweight
PPG upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Jeffrey Zekauskas upgraded PPG Industries to Overweight and raised his price target for the shares to $105 from $103.
10/12/18
KEYB
10/12/18
NO CHANGE
Target $119
KEYB
Overweight
PPG price target cut to $119 from $128 at KeyBanc
KeyBanc analyst Michael Sison reiterated an Overweight rating on PPG but cut his price target to $119 from $128. Additionally, the analyst reduced his Q3 EPS estimate by 22c to $1.42 and his 2018 EPS estimate by 45c to $5.80. In a research note to investors, the analyst says he believes volume growth has remained positive but is slowing "a bit" in Q4. Given the recent weakness in his KBCM Chemical Universe and a cautiously optimistic view on the Q3 earnings season, Sison says he sees good value in the chemical sector.

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LKSD

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