PPG Industries Inc. (PPG) Stock Rating Upgraded by Zacks Investment Research
PPG Industries Inc. (NYSE:PPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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.”
A number of other brokerages have also weighed in on PPG. Credit Suisse Group AG restated a “buy” rating on shares of PPG Industries in a research report on Wednesday, June 15th. JPMorgan Chase & Co. restated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research report on Friday, June 17th. Morgan Stanley restated a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Longbow Research upgraded 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. Finally, Jefferies Group restated a “buy” rating on shares of PPG Industries in a research report on Wednesday, July 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $121.17.
Shares of PPG Industries (NYSE:PPG) opened at 102.06 on Wednesday. The company has a market cap of $27.18 billion, a PE ratio of 18.86 and a beta of 1.44. PPG Industries has a 52-week low of $88.35 and a 52-week high of $117.00. The company has a 50 day moving average of $104.04 and a 200-day moving average of $107.25.
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, meeting analysts’ consensus estimates of $1.85. The business had revenue of $4.10 billion for 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 firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the firm posted $1.67 earnings per share. Analysts forecast that PPG Industries will post $6.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were issued a $0.40 dividend. The ex-dividend date was Monday, August 8th. This represents a $1.60 annualized dividend and a yield of 1.57%. PPG Industries’s payout ratio is 29.57%.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of PPG Industries 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 sale, the insider now directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of PPG Industries 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 sale, the vice president now directly 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.
A number of large investors have recently bought and sold shares of PPG. Nisa Investment Advisors L.L.C. increased its stake in PPG Industries by 17.1% in the first quarter. Nisa Investment Advisors L.L.C. now owns 43,910 shares of the company’s stock valued at $4,896,000 after buying an additional 6,400 shares during the period. IFP Advisors Inc increased its stake in PPG Industries by 8.8% in the first quarter. IFP Advisors Inc now owns 6,474 shares of the company’s stock valued at $722,000 after buying an additional 526 shares during the period. Dubuque Bank & Trust Co. increased its stake in PPG Industries by 34.5% in the first quarter. Dubuque Bank & Trust Co. now owns 1,713 shares of the company’s stock valued at $191,000 after buying an additional 439 shares during the period. Ngam Advisors L.P. increased its stake in PPG Industries by 13.0% in the first quarter. Ngam Advisors L.P. now owns 166,666 shares of the company’s stock valued at $18,581,000 after buying an additional 19,218 shares during the period. Finally, TIAA CREF Investment Management LLC increased its stake in 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 valued at $420,982,000 after buying an additional 519,857 shares during the period. 73.04% of the stock is owned by hedge funds and other institutional investors.
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.
Receive News & Stock Ratings for PPG Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries Inc. and related stocks with our FREE daily email newsletter.