PPG Industries Inc. (NYSE:PPG) – Stock analysts at SunTrust Banks dropped their Q3 2016 earnings estimates for shares of PPG Industries in a note issued to investors on Friday. SunTrust Banks analyst J. Sheehan now anticipates that the brokerage will post earnings of $1.56 per share for the quarter, down from their prior forecast of $1.66. SunTrust Banks also issued estimates for PPG Industries’ FY2016 earnings at $5.97 EPS, FY2017 earnings at $6.56 EPS and FY2018 earnings at $7.25 EPS.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.85. The company earned $4.10 billion during the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 EPS.
Other equities research analysts also recently issued reports about the company. Credit Suisse Group AG restated a “buy” rating and set a $115.00 price objective on shares of PPG Industries in a research report on Tuesday, September 13th. 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. Jefferies Group restated a “buy” rating on shares of PPG Industries in a research report on Wednesday, July 6th. Longbow Research upgraded PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a research report on Thursday, June 23rd. Finally, Seaport Global Securities upgraded PPG Industries from an “accumulate” rating to a “buy” rating and upped their price objective for the company from $125.00 to $130.00 in a research report on Tuesday, July 26th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. PPG Industries presently has a consensus rating of “Buy” and a consensus price target of $121.17.
PPG Industries (NYSE:PPG) opened at 93.85 on Monday. The stock has a market cap of $24.99 billion, a PE ratio of 17.34 and a beta of 1.47. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00. The firm’s 50-day moving average price is $103.21 and its 200-day moving average price is $106.84.
The business also recently announced 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 annualized dividend and a yield of 1.70%. PPG Industries’s dividend payout ratio (DPR) is presently 29.57%.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the sale, the insider now owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the sale, the vice president now directly owns 11,806 shares in the company, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
A number of hedge funds have recently made changes to their positions in PPG. Wellington Management Group LLP boosted its stake in shares of PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock valued at $164,615,000 after buying an additional 924,195 shares during the period. Bank of Montreal Can bought a new stake in shares of PPG Industries during the second quarter valued at about $61,750,000. Emerald Acquisition Ltd. bought a new stake in shares of PPG Industries during the second quarter valued at about $52,722,000. Public Employees Retirement Association of Colorado boosted its stake in shares of PPG Industries by 744.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 506,068 shares of the company’s stock valued at $52,707,000 after buying an additional 446,151 shares during the period. Finally, RidgeWorth Capital Management LLC boosted its stake in shares of PPG Industries by 360.5% in the second quarter. RidgeWorth Capital Management LLC now owns 569,606 shares of the company’s stock valued at $59,536,000 after buying an additional 445,926 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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