PPG Industries Inc. (PPG) to Post Q3 2016 Earnings of $1.56 Per Share, SunTrust Banks Forecasts
PPG Industries Inc. (NYSE:PPG) – Equities researchers at SunTrust Banks dropped their Q3 2016 earnings per share estimates for PPG Industries in a research note issued on Friday. SunTrust Banks analyst J. Sheehan now forecasts that the brokerage will post earnings per share of $1.56 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 for the quarter, hitting the Zacks’ consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The company earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the previous year, the firm posted $1.67 earnings per share. The company’s revenue was down .9% on a year-over-year basis.
Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. set a $110.00 price objective on shares of PPG Industries and gave the company a “buy” rating in a research report on Monday. Citigroup Inc. dropped their price objective on shares of PPG Industries from $131.00 to $112.00 and set a “buy” rating on the stock in a research report on Tuesday. Royal Bank Of Canada dropped their price objective on shares of PPG Industries from $125.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday. Deutsche Bank AG lowered shares of PPG Industries from a “buy” rating to a “hold” rating and dropped their price objective for the company from $122.00 to $100.00 in a research report on Monday. Finally, Jefferies Group reissued a “buy” rating and issued a $129.00 price objective on shares of PPG Industries in a research report on Wednesday, October 5th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $116.42.
PPG Industries (NYSE:PPG) opened at 92.30 on Monday. PPG Industries has a 52 week low of $88.37 and a 52 week high of $117.00. The company has a market capitalization of $24.58 billion, a P/E ratio of 17.05 and a beta of 1.47. The firm has a 50 day moving average of $102.85 and a 200-day moving average of $106.74.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders 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 dividend on an annualized basis and a yield of 1.73%. PPG Industries’s payout ratio is 29.57%.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the sale, the vice president now directly owns 11,806 shares in the company, valued at $1,228,768.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 transaction of $4,366,908.00. Following the sale, 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. Company insiders own 0.68% of the company’s stock.
A number of large investors have recently made changes to their positions in PPG. Wellington Management Group LLP increased its stake 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 worth $164,615,000 after buying an additional 924,195 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of PPG Industries during the second quarter worth about $61,750,000. Emerald Acquisition Ltd. purchased a new stake in shares of PPG Industries during the second quarter worth about $52,722,000. Public Employees Retirement Association of Colorado increased its stake 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 worth $52,707,000 after buying an additional 446,151 shares during the last quarter. Finally, RidgeWorth Capital Management LLC increased its stake 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 worth $59,536,000 after buying an additional 445,926 shares during the last quarter. 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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