According to Zacks, “Estimates for PPG Industries have been stable lately. The company is taking steps for growing organically as well as cutting costs. PPG Industries is also on track to deploy cash through acquisitions or share repurchases. However, the company faces significant currency headwind. Unfavorable currency translation weighed on its net sales in the second quarter of 2016. Moreover, the company faces macroeconomic challenges and some of its end-markets including heavy-duty equipment and marine still remain sluggish. PPG Industries is also exposed to volatility in raw materials and energy costs.”
PPG has been the subject of several other reports. JPMorgan Chase & Co. restated a buy rating and set a $120.00 price objective on shares of PPG Industries in a research report on Friday, June 17th. Credit Suisse Group AG restated a buy rating on shares of PPG Industries in a research report on Wednesday, June 15th. Seaport Global Securities upgraded shares of PPG Industries from an accumulate rating to a buy rating and boosted their price objective for the company from $125.00 to $130.00 in a research report on Tuesday, July 26th. Jefferies Group restated a buy rating and set a $129.00 price objective (up from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Finally, Longbow Research upgraded shares of PPG Industries from a neutral rating to a buy rating and set a $130.00 price objective for the company in a research report on Thursday, June 23rd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of Buy and a consensus price target of $121.17.
PPG Industries (NYSE:PPG) opened at 103.44 on Wednesday. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The stock has a 50 day moving average price of $103.98 and a 200 day moving average price of $107.22. The company has a market capitalization of $27.54 billion, a price-to-earnings ratio of 19.11 and a beta of 1.47.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the previous year, the business earned $1.67 earnings per share. The firm’s quarterly revenue was down .9% on a year-over-year basis. Analysts anticipate that PPG Industries will post $6.18 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were given a dividend of $0.40 per share. The ex-dividend date was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is currently 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the sale, the vice president now owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the sale, the insider now directly owns 69,044 shares in the company, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of PPG Industries by 1.8% in the second quarter. Vanguard Group Inc. now owns 18,091,048 shares of the company’s stock worth $1,884,182,000 after buying an additional 328,358 shares during the period. FMR LLC boosted its stake in shares of PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock worth $1,769,075,000 after buying an additional 409,325 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock worth $1,665,343,000 after buying an additional 139,886 shares during the period. State Street Corp boosted its stake in shares of PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock worth $1,295,100,000 after buying an additional 368,260 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock worth $726,755,000 after buying an additional 132,813 shares during the period. 73.04% of the stock is currently owned by institutional investors and hedge funds.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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