Jefferies Group Equities Analysts Lower Earnings Estimates for PPG Industries Inc. (PPG)
PPG Industries Inc. (NYSE:PPG) – Equities research analysts at Jefferies Group dropped their FY2016 earnings per share estimates for shares of PPG Industries in a research report issued on Wednesday. Jefferies Group analyst L. Alexander now anticipates 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 objective 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 have also recently issued reports on PPG. Credit Suisse Group AG reissued a “buy” rating on shares of PPG Industries in a research report on Wednesday, June 15th. JPMorgan Chase & Co. reissued a “buy” rating and set a $120.00 price target on shares of PPG Industries in a research report on Friday, June 17th. Morgan Stanley reissued a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target on the stock in a research report on Thursday, June 23rd. Finally, Zacks Investment Research cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $121.17.
PPG Industries (NYSE:PPG) traded up 0.340% during mid-day trading on Thursday, reaching $101.925. 401,880 shares of the company’s stock traded hands. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00. The stock’s 50 day moving average is $103.85 and its 200-day moving average is $107.13. The stock has a market capitalization of $27.14 billion, a PE ratio of 18.833 and a beta of 1.47.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting the consensus estimate of $1.85. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. PPG Industries’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.67 EPS.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were given a dividend of $0.40 per share. The ex-dividend date was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.58%. PPG Industries’s dividend payout ratio (DPR) is presently 29.57%.
In related news, 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 value of $967,944.00. Following the transaction, the vice president now directly owns 11,806 shares in the company, valued at approximately $1,228,768.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction of $4,366,908.00. Following the completion of the transaction, the insider now owns 69,044 shares in the company, valued at $7,362,852.16. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock worth $74,678,000 after buying an additional 189,934 shares during the period. Legal & General Group Plc raised its position in PPG Industries by 2.7% in the first quarter. Legal & General Group Plc now owns 1,128,300 shares of the company’s stock worth $125,793,000 after buying an additional 30,011 shares during the period. Capital Fund Management S.A. purchased a new position in PPG Industries during the second quarter worth $24,833,000. Wellington Management Group LLP raised 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 during the period. Finally, Capstone Asset Management Co. raised its position in PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock worth $3,036,000 after buying an additional 426 shares during the period. 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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