PPG Industries Inc. (NYSE:PPG) – Equities research analysts at SunTrust Banks lowered their Q3 2016 earnings per share estimates for PPG Industries in a research note issued to investors on Friday. SunTrust Banks analyst J. Sheehan now forecasts that the firm will post earnings of $1.56 per share for the quarter, down from their previous estimate of $1.66. SunTrust Banks also issued estimates for PPG Industries’ FY2016 earnings at $5.97 EPS, FY2017 earnings at $6.56 EPS and FY2018 earnings at $7.25 EPS.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.85. The company 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%. PPG Industries’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.67 earnings per share.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research cut PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and increased their price target for the company from $125.00 to $130.00 in a research report on Tuesday, July 26th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research report on Friday, June 17th. Credit Suisse Group AG reissued a “buy” rating on shares of PPG Industries in a research report on Wednesday, June 15th. Finally, Jefferies Group reissued a “buy” rating and issued a $129.00 price target (up from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $121.17.
Shares of PPG Industries (NYSE:PPG) opened at 93.73 on Monday. The company has a market cap of $24.96 billion, a PE ratio of 17.32 and a beta of 1.47. The stock has a 50 day moving average of $103.53 and a 200-day moving average of $106.99. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were paid a dividend of $0.40 per share. The ex-dividend date was Monday, August 8th. This represents a $1.60 annualized dividend and a dividend yield of 1.71%. PPG Industries’s payout ratio is 29.57%.
In other news, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction on Thursday, August 4th. The stock was 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 in the company, valued at approximately $1,228,768.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction on 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 transaction, 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. Insiders own 0.68% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased 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 valued at $164,615,000 after buying an additional 924,195 shares in the last quarter. Bank of Montreal Can bought a new position in shares of PPG Industries during the second quarter valued at approximately $61,750,000. Emerald Acquisition Ltd. bought a new position in shares of PPG Industries during the second quarter valued at approximately $52,722,000. Public Employees Retirement Association of Colorado increased 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 valued at $52,707,000 after buying an additional 446,151 shares in the last quarter. Finally, RidgeWorth Capital Management LLC increased 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 valued at $59,536,000 after buying an additional 445,926 shares in the last quarter. Institutional investors own 73.04% of the company’s stock.
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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