Analysts Issue Forecasts for PPG Industries Inc.’s Q3 2016 Earnings (PPG)
PPG Industries Inc. (NYSE:PPG) – Research analysts at Jefferies Group reduced their Q3 2016 earnings estimates for shares of PPG Industries in a research note issued to investors on Wednesday. Jefferies Group analyst L. Alexander now expects that the firm will post earnings per share of $1.71 for the quarter, down from their prior forecast of $1.80. Jefferies Group has a “Buy” rating and a $129.00 price target on the stock. Jefferies Group also issued estimates for PPG Industries’ Q4 2016 earnings at $1.22 EPS and Q4 2017 earnings at $1.36 EPS.
A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Wednesday, September 28th. Credit Suisse Group AG reissued a “buy” rating and issued a $115.00 price objective on shares of PPG Industries in a report on Tuesday, September 13th. Seaport Global Securities raised shares of PPG Industries from an “accumulate” rating to a “buy” rating and increased their target price for the stock from $125.00 to $130.00 in a research note on Tuesday, July 26th. Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price for the company in a research note on Thursday, June 23rd. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of PPG Industries in a research note on Thursday, June 16th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $121.17.
PPG Industries (NYSE:PPG) traded down 9.12% during midday trading on Friday, hitting $92.87. 3,567,350 shares of the stock traded hands. PPG Industries has a 12-month low of $88.37 and a 12-month high of $117.00. The firm has a market cap of $24.73 billion, a P/E ratio of 17.16 and a beta of 1.47. The company’s 50-day moving average is $103.81 and its 200 day moving average is $107.10.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting the consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The business earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the business posted $1.67 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year.
A number of large investors have recently made changes to their positions in PPG. Cable Hill Partners LLC increased its stake in shares of PPG Industries by 1.9% in the second quarter. Cable Hill Partners LLC now owns 1,346 shares of the company’s stock valued at $142,000 after buying an additional 25 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in PPG Industries during the first quarter worth $144,000. Invictus RG purchased a new stake in PPG Industries during the first quarter worth $147,000. Nikko Asset Management Americas Inc. purchased a new stake in PPG Industries during the first quarter worth $157,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock worth $158,000 after buying an additional 162 shares during the period. 73.04% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction dated Thursday, August 4th. The stock was 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 of the company’s stock, valued at approximately $1,228,768.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly 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 owned by corporate insiders.
The firm also recently disclosed 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 yield of 1.57%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio is currently 29.57%.
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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