Research Analysts Offer Predictions for PPG Industries Inc.’s Q3 2016 Earnings (PPG)
PPG Industries Inc. (NYSE:PPG) – Stock analysts at Northcoast Research decreased their Q3 2016 earnings per share (EPS) estimates for PPG Industries in a research note issued on Monday. Northcoast Research analyst K. Hocevar now expects that the brokerage will earn $1.55 per share for the quarter, down from their prior forecast of $1.68. Northcoast Research also issued estimates for PPG Industries’ Q4 2016 earnings at $1.20 EPS, FY2016 earnings at $5.90 EPS and FY2017 earnings at $6.45 EPS.
A number of other research analysts have also recently weighed in on PPG. Credit Suisse Group AG restated a “buy” rating on shares of PPG Industries in a research note on Wednesday, June 15th. JPMorgan Chase & Co. restated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research note on Friday, June 17th. Morgan Stanley restated a “hold” rating on shares of PPG Industries in a research note 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 note on Thursday, June 23rd. Finally, Jefferies Group restated a “buy” rating on shares of PPG Industries in a research note on Wednesday, July 6th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. PPG Industries presently has an average rating of “Buy” and a consensus target price of $115.83.
Shares of PPG Industries (NYSE:PPG) opened at 91.94 on Tuesday. PPG Industries has a 12 month low of $88.37 and a 12 month high of $117.00. The company has a 50 day moving average price of $102.43 and a 200-day moving average price of $106.63. The stock has a market cap of $24.48 billion, a P/E ratio of 16.99 and a beta of 1.47.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter last year, the business posted $1.67 earnings per share. The firm’s revenue was down .9% compared to the same quarter last year.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 69,044 shares in the company, valued at approximately $7,362,852.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction of $967,944.00. Following the completion of the transaction, the vice president now owns 11,806 shares in the company, valued at $1,228,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
A number of institutional investors have recently modified their holdings of PPG. Royal Bank of Canada increased its position in shares of 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 in the last quarter. Legal & General Group Plc increased its position in shares of 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 in the last quarter. Capital Fund Management S.A. bought a new position in shares of PPG Industries during the second quarter worth approximately $24,833,000. Wellington Management Group LLP increased its position 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 in the last quarter. Finally, Capstone Asset Management Co. increased its position in shares of 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 in the last quarter. Institutional investors and hedge funds 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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