PPG Industries Inc. (NYSE:PPG) – Stock analysts at Jefferies Group lowered their Q3 2016 earnings per share (EPS) estimates for PPG Industries in a research note issued to investors on Friday. Jefferies Group analyst L. Alexander now anticipates that the brokerage will post earnings of $1.56 per share for the quarter, down from their prior estimate of $1.71. Jefferies Group currently has a “Buy” rating and a $129.00 price target on the stock. Jefferies Group also issued estimates for PPG Industries’ FY2016 earnings at $5.95 EPS, Q3 2017 earnings at $1.92 EPS, Q4 2017 earnings at $1.22 EPS, FY2017 earnings at $6.65 EPS, FY2018 earnings at $7.40 EPS, FY2019 earnings at $8.20 EPS and FY2020 earnings at $8.90 EPS.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting the consensus estimate of $1.85. The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the firm posted $1.67 earnings per share.
A number of other brokerages have also commented on PPG. Morgan Stanley reissued a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a report on Thursday, June 23rd. JPMorgan Chase & Co. reissued a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Credit Suisse Group AG reissued a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Finally, Zacks Investment Research lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. PPG Industries presently has an average rating of “Buy” and an average target price of $121.17.
PPG Industries (NYSE:PPG) opened at 93.85 on Monday. The stock has a 50 day moving average of $103.21 and a 200 day moving average of $106.84. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The stock has a market capitalization of $24.99 billion, a P/E ratio of 17.34 and a beta of 1.47.
A number of hedge funds have recently made changes to their positions in PPG. Cable Hill Partners LLC increased its stake in shares of PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock valued at $142,000 after buying an additional 25 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of PPG Industries during the first quarter valued at approximately $144,000. Invictus RG bought a new stake in shares of PPG Industries during the first quarter valued at approximately $147,000. Nikko Asset Management Americas Inc. bought a new stake in shares of PPG Industries during the first quarter valued at approximately $157,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock valued at $158,000 after buying an additional 162 shares during the period. Hedge funds and other institutional investors own 73.04% of the company’s stock.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction that occurred 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 directly owns 11,806 shares in the company, valued at approximately $1,228,768.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $7,362,852.16. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.70%. PPG Industries’s dividend payout ratio is 29.57%.
PPG Industries Company Profile
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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