PPG Industries Inc. (NYSE:PPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Estimates for PPG Industries have been stable lately. The company is taking steps for growing organically as well as cutting costs. PPG Industries is also on track to deploy cash through acquisitions or share repurchases. However, the company faces significant currency headwind. Unfavorable currency translation weighed on its net sales in the second quarter of 2016. Moreover, the company faces macroeconomic challenges and some of its end-markets including heavy-duty equipment and marine still remain sluggish. PPG Industries is also exposed to volatility in raw materials and energy costs.”
Several other equities research analysts have also recently commented on the stock. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research report on Tuesday, September 13th. Seaport Global Securities raised shares of PPG Industries from an “accumulate” rating to a “buy” rating and raised their target price for the stock from $125.00 to $130.00 in a research report on Tuesday, July 26th. Jefferies Group reissued a “buy” rating and set a $129.00 price target (up from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a research report on Thursday, June 23rd. Finally, Morgan Stanley reissued a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $121.17.
PPG Industries (NYSE:PPG) opened at 102.06 on Wednesday. The firm has a 50-day moving average of $104.04 and a 200-day moving average of $107.25. The stock has a market capitalization of $27.18 billion, a PE ratio of 18.86 and a beta of 1.44. PPG Industries has a 1-year low of $88.35 and a 1-year high of $117.00.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm earned $4.10 billion during the quarter, compared to analysts’ expectations of $4.17 billion. During the same period last year, the company posted $1.67 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. Equities analysts expect that PPG Industries will post $6.19 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were paid a $0.40 dividend. The ex-dividend date was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.57%. PPG Industries’s dividend payout ratio is presently 29.57%.
In other news, VP Timothy M. Knavish sold 9,300 shares of PPG Industries stock in a transaction that occurred on 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 directly owns 11,806 shares in the company, valued at $1,228,768.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries 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 completion of the sale, the insider now owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake 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 in the last quarter. Bank of Montreal Can bought a new stake in shares of PPG Industries during the second quarter worth approximately $61,750,000. TIAA CREF Investment Management LLC raised its stake in shares of PPG Industries by 16.0% in the first quarter. TIAA CREF Investment Management LLC now owns 3,775,963 shares of the company’s stock worth $420,982,000 after buying an additional 519,857 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of PPG Industries during the second quarter worth approximately $52,722,000. Finally, Public Employees Retirement Association of Colorado raised its stake 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 in the last quarter. Hedge funds and other institutional investors own 73.04% of the company’s stock.
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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