PPG Industries (NYSE:PPG) Announces Quarterly Earnings Results, Hits Estimates

PPG Industries (NYSE:PPG) released its earnings results on Thursday. The specialty chemicals company reported $1.86 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.86, Yahoo Finance reports. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.43 billion. PPG Industries had a net margin of 6.96% and a return on equity of 23.51%. PPG Industries’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.82 earnings per share.

PPG Industries Stock Up 0.1 %

PPG Industries stock opened at $135.11 on Friday. PPG Industries has a twelve month low of $120.32 and a twelve month high of $152.89. The firm has a 50 day moving average price of $140.53 and a 200-day moving average price of $138.87. The company has a market capitalization of $31.80 billion, a P/E ratio of 25.30, a P/E/G ratio of 1.61 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.72.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PPG shares. Wolfe Research started coverage on shares of PPG Industries in a report on Friday, March 1st. They issued a “peer perform” rating on the stock. KeyCorp dropped their price objective on shares of PPG Industries from $167.00 to $164.00 and set an “overweight” rating on the stock in a report on Tuesday, April 9th. Wells Fargo & Company upgraded shares of PPG Industries from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $150.00 to $163.00 in a report on Thursday, April 11th. UBS Group reiterated a “neutral” rating and set a $156.00 price objective (down previously from $173.00) on shares of PPG Industries in a report on Thursday, March 7th. Finally, Barclays lowered shares of PPG Industries from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $163.00 to $149.00 in a report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, PPG Industries currently has a consensus rating of “Moderate Buy” and an average price target of $158.40.

Insider Activity

In other news, CFO Vincent J. Morales sold 3,400 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $140.94, for a total transaction of $479,196.00. Following the completion of the transaction, the chief financial officer now directly owns 28,439 shares of the company’s stock, valued at approximately $4,008,192.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.55% of the company’s stock.

Institutional Trading of PPG Industries

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of PPG Industries by 17.2% during the 4th quarter. Vanguard Group Inc. now owns 24,480,664 shares of the specialty chemicals company’s stock valued at $3,661,083,000 after buying an additional 3,600,558 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of PPG Industries by 2.2% during the 1st quarter. Geode Capital Management LLC now owns 4,854,892 shares of the specialty chemicals company’s stock valued at $647,037,000 after buying an additional 106,294 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its stake in shares of PPG Industries by 163,082.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,157,889 shares of the specialty chemicals company’s stock valued at $522,813,000 after buying an additional 4,155,341 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of PPG Industries by 2.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,193,621 shares of the specialty chemicals company’s stock valued at $418,589,000 after buying an additional 65,996 shares in the last quarter. Finally, Morgan Stanley lifted its stake in PPG Industries by 26.5% in the 4th quarter. Morgan Stanley now owns 2,775,122 shares of the specialty chemicals company’s stock worth $348,944,000 after purchasing an additional 581,750 shares in the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

About PPG Industries

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.