PPG Industries Inc. (NYSE:PPG) – Research analysts at Jefferies Group dropped their FY2016 EPS estimates for shares of PPG Industries in a research report issued on Wednesday. Jefferies Group analyst L. Alexander now expects that the brokerage will post earnings per share of $6.10 for the year, down from their prior forecast of $6.15. Jefferies Group has a “Buy” rating and a $129.00 price target on the stock. Jefferies Group also issued estimates for PPG Industries’ Q1 2017 earnings at $1.40 EPS, Q2 2017 earnings at $2.06 EPS, FY2017 earnings at $6.80 EPS, FY2018 earnings at $7.75 EPS and FY2020 earnings at $9.05 EPS.
Several other analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, August 29th. Credit Suisse Group AG reissued a “buy” rating and set a $115.00 target price on shares of PPG Industries in a research report on Tuesday, August 9th. Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price on the stock in a research report on Thursday, June 23rd. JPMorgan Chase & Co. reissued a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research report on Friday, June 17th. Finally, Seaport Global Securities raised shares of PPG Industries from an “accumulate” rating to a “buy” rating and boosted their target price for the stock from $125.00 to $130.00 in a research report on Tuesday, July 26th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $121.17.
Shares of PPG Industries (NYSE:PPG) traded up 0.340% during mid-day trading on Thursday, hitting $101.925. 401,880 shares of the stock were exchanged. The stock’s 50-day moving average price is $103.85 and its 200-day moving average price is $107.13. PPG Industries has a 52-week low of $88.37 and a 52-week high of $117.00. The company has a market cap of $27.14 billion, a P/E ratio of 18.833 and a beta of 1.47.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.85. The firm earned $4.10 billion during the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.67 earnings per share.
A number of institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in 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 in the last quarter. Bank of Montreal Can bought a new position in PPG Industries during the second quarter worth $61,750,000. Emerald Acquisition Ltd. bought a new position in PPG Industries during the second quarter worth $52,722,000. Public Employees Retirement Association of Colorado boosted its position in 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 in the last quarter. Finally, RidgeWorth Capital Management LLC boosted its position in 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 in the last quarter. Institutional investors own 73.04% of the company’s stock.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were 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 directly owns 69,044 shares in the company, valued at approximately $7,362,852.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction 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 completion of the transaction, the vice president now owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend 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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