PPG Industries Inc. (PPG) to Post FY2016 Earnings of $6.00 Per Share, Credit Agricole SA Forecasts
PPG Industries Inc. (NYSE:PPG) – Equities researchers at Credit Agricole SA dropped their FY2016 earnings per share (EPS) estimates for shares of PPG Industries in a report released on Monday. Credit Agricole SA analyst N. Wallin now expects that the brokerage will post earnings per share of $6.00 for the year, down from their prior forecast of $6.15.
A number of other research analysts have also recently commented on the company. Royal Bank Of Canada decreased their price objective on PPG Industries from $125.00 to $106.00 and set an “outperform” rating on the stock in a report on Tuesday. Zacks Investment Research cut PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Seaport Global Securities upgraded PPG Industries from an “accumulate” rating to a “buy” rating and upped their price objective for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. PPG Industries presently has an average rating of “Buy” and a consensus target price of $118.83.
Shares of PPG Industries (NYSE:PPG) traded down 2.18% during mid-day trading on Tuesday, reaching $91.80. The company’s stock had a trading volume of 1,738,077 shares. The stock has a market cap of $24.44 billion, a P/E ratio of 16.96 and a beta of 1.47. The stock has a 50 day moving average of $103.21 and a 200-day moving average of $106.84. PPG Industries has a one year low of $88.37 and a one year high of $117.00.
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 consensus estimate 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 return on equity of 30.94% and a net margin of 9.57%. The business’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm earned $1.67 EPS.
A number of institutional investors have recently bought and sold shares of PPG. Meeder Asset Management Inc. acquired a new position in PPG Industries during the first quarter valued at approximately $144,000. Invictus RG acquired a new position in PPG Industries during the first quarter valued at approximately $147,000. Cable Hill Partners LLC raised its position in 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 during the period. Nikko Asset Management Americas Inc. acquired a new position in PPG Industries during the first quarter valued at approximately $157,000. Finally, Massmutual Trust Co. FSB ADV raised its position 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 valued at $158,000 after buying an additional 162 shares during the period. 73.04% of the stock is currently 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 on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total value of $967,944.00. Following the transaction, the vice president now owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the 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 transaction, the insider now directly owns 69,044 shares in the company, 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.
The business also recently disclosed 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend 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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