PPG Industries Inc. (NYSE:PPG) – Equities researchers at Credit Agricole SA decreased their FY2016 earnings per share (EPS) estimates for PPG Industries in a research note issued to investors on Monday. Credit Agricole SA analyst N. Wallin now forecasts that the brokerage will earn $6.00 per share for the year, down from their previous forecast of $6.15.
PPG has been the topic of several other research reports. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Credit Suisse Group AG restated a “buy” rating on shares of PPG Industries in a research note on Wednesday, June 15th. Jefferies Group restated a “buy” rating on shares of PPG Industries in a research note on Wednesday, July 6th. JPMorgan Chase & Co. restated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Friday, June 17th. 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 note on Thursday, June 23rd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $118.83.
Shares of PPG Industries (NYSE:PPG) traded down 2.19% during trading on Tuesday, hitting $91.79. The company had a trading volume of 1,738,276 shares. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The firm has a market capitalization of $24.44 billion, a P/E ratio of 16.96 and a beta of 1.47. The stock’s 50-day moving average is $103.21 and its 200 day moving average is $106.84.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the business earned $1.67 EPS. PPG Industries’s revenue for the quarter was down .9% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently modified their holdings of PPG. Wellington Management Group LLP boosted its position 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 worth $164,615,000 after buying an additional 924,195 shares during the period. Bank of Montreal Can bought a new position in shares of PPG Industries during the second quarter worth about $61,750,000. Emerald Acquisition Ltd. bought a new position in shares of PPG Industries during the second quarter worth about $52,722,000. Public Employees Retirement Association of Colorado boosted its position 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 worth $52,707,000 after buying an additional 446,151 shares during the period. Finally, RidgeWorth Capital Management LLC boosted its position 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 worth $59,536,000 after buying an additional 445,926 shares during the period. 73.04% of the stock is owned by institutional investors.
In related news, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the completion of the sale, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.
The company also recently disclosed 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 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 currently 29.57%.
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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