PPG Industries Inc. (NYSE:PPG) – Equities research analysts at Northcoast Research decreased their Q3 2016 earnings estimates for shares of PPG Industries in a research note issued on Monday. Northcoast Research analyst K. Hocevar now expects that the brokerage will earn $1.55 per share for the quarter, down from their prior estimate of $1.68. Northcoast Research also issued estimates for PPG Industries’ Q4 2016 earnings at $1.20 EPS, FY2016 earnings at $5.90 EPS and FY2017 earnings at $6.45 EPS.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. The business earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $1.67 EPS.
A number of other research firms have also commented on PPG. Royal Bank Of Canada cut their price target on PPG Industries from $125.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday. Morgan Stanley reaffirmed a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Deutsche Bank AG lowered PPG Industries from a “buy” rating to a “hold” rating and set a $100.00 price target for the company. in a report on Monday. Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and raised their price target for the stock from $125.00 to $130.00 in a report on Tuesday, July 26th. Finally, Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $118.83.
PPG Industries (NYSE:PPG) traded down 2.27% during mid-day trading on Tuesday, reaching $91.72. The company had a trading volume of 1,265,812 shares. The company has a market capitalization of $24.42 billion, a price-to-earnings ratio of 16.95 and a beta of 1.47. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The stock has a 50-day moving average of $103.21 and a 200 day moving average of $106.84.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new position in PPG Industries during the first quarter valued at approximately $144,000. Invictus RG acquired a new stake in PPG Industries during the first quarter valued at about $147,000. Cable Hill Partners LLC boosted its stake in 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 last quarter. Nikko Asset Management Americas Inc. acquired a new stake in PPG Industries during the first quarter valued at about $157,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in 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 last quarter. Hedge funds and other institutional investors own 73.04% of the company’s stock.
In other news, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the transaction, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the transaction, the insider now 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.
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 1.70%. PPG Industries’s 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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